The superintendent may apply under Chapter 59A, Article 41 NMSA 1978 for an order directing him to conserve the assets within the state of a foreign insurer upon any one or more of the grounds specified in Subsection A, B, C, D, E, F, G, J, K or O of Section 59A-41-28 NMSA 1978 or upon the ground that such foreign insurer has consented to such an order through a majority of its directors, stockholders or members, or has had its property sequestrated in its domiciliary country or state or in any other country or state. The superintendent may apply under Chapter 59A, Article 41 NMSA 1978 for an order directing him to conserve the assets within this state of an alien insurer, other than one which has its trusteed assets in this state, on any one or more of the grounds specified in Subsections A, B, C, D, E, F, G, J, K or O of Section 59A-41-28 NMSA 1978 or upon the ground that such alien insurer has failed or refused to comply, within the time designated by the superintendent, with an order of the superintendent, pursuant to law, to make good an impairment of its trusteed surplus, or that such alien insurer has consented to such an order through a majority of its directors, stockholders or members, or that it has had its property sequestrated in its domiciliary country or elsewhere.
History: Laws 1984, ch. 127, § 723; 1995, ch. 149, § 17.
ANNOTATIONSThe 1995 amendment, effective June 16, 1995, in the first and second sentences, substituted "Chapter 59A, Article 41 NMSA 1978" for "this article" and "Subsections A, B, C, D, E, F, G, J, K or O of Section 59A-41-28 NMSA 1978" for "Section 720 of this article, in Paragraphs A, B, C, D, E, F, G, J, or K".