A. Each risk retention group shall report to the superintendent the net premium written for risks resident or located within New Mexico.
B. To the extent a licensed insurance producer is utilized pursuant to Section 59A-55-24 NMSA 1978, the licensed insurance producer shall report to the superintendent the premiums for direct business for risks resident or located within this state that the insurance producers have placed with or on behalf of a risk retention group not licensed in this state.
C. To the extent that an insurance producer is utilized pursuant to Section 59A-55-24 NMSA 1978, the insurance producer shall keep a complete and separate record of all policies procured from each such risk retention group, which record shall be open to examination by the superintendent and shall contain the information required by the superintendent by rule.
History: Laws 1988, ch. 125, § 6; 2016, ch. 89, § 68; 2018, ch. 57, § 29.
ANNOTATIONSThe 2018 amendment, effective January 1, 2020, made conforming changes as a result of the transfer of the collection of insurance premium tax from the superintendent of insurance to the taxation and revenue department; in the catchline, deleted "Taxation of", and added "reports"; in Subsection A, after "group shall", deleted "be liable for the payment of premium taxes and taxes on premiums of direct business for risks resident or located within New Mexico and shall", and deleted the last sentence, "The risk retention group shall be subject to taxation and any applicable fines and penalties related thereto, on the same basis as an admitted insurer."; in Subsection B, after "extent", added "a", after "licensed insurance", deleted "producers are" and added "producer is", after "NMSA 1978", deleted "they" and added "the licensed insurance producer"; and in Subsection C, after "an insurance", deleted "producer are" and added "producer is".
Temporary provisions. — Laws 2018, ch. 57, § 30 provided that:
A. On January 1, 2020, all personnel directly involved with the audit and collection of the taxes imposed pursuant to the New Mexico Insurance Code prior to the effective date of this act, functions, appropriations, money, records, furniture, equipment and other property of, or attributable to, the financial audit bureau of the office of superintendent of insurance shall be transferred to the taxation and revenue department.
B. On January 1, 2020, no contractual obligations of the office of superintendent of insurance shall be binding on the taxation and revenue department.
The 2016 amendment, effective July 1, 2017, clarified citations within the section and replaced "agent" and "solicitor" with "insurance producer" throughout the section; in Subsection B, after the first occurrence of "pursuant to Section", deleted "24 of the Risk Retention and Purchasing Group Act" and added "59A-55-24 NMSA 1978", after "this state, which", deleted "such licenses" and added "the insurance producers"; and in Subsection C, after the second occurrence of "pursuant to Section", deleted "24 of the Risk Retention and Purchasing Group Act, such agent or broker" and added "59A-55-24 NMSA 1978, the insurance producer", and after "required by the superintendent by", deleted "regulation" and added "rule".
Severability. — Laws 2016, ch. 89, § 71 provided that if any part or application of Laws 2016, ch. 89 is held invalid, the remainder or its application to other situations or persons shall not be affected.