Insurer must pay tax on withdrawal from state.

  1. Law
  2. New Mexico Statutes
  3. Insurance Code
  4. Fees and Taxes
  5. Insurer must pay tax on withdrawal from state.

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Any insurer holding certificate of authority to transact insurance in New Mexico that ceases to do business in the state shall thereupon file with the secretary of taxation and revenue a report of its premiums collected to date of such cessation of business that are subject to the premium tax or the health insurance premium surtax and not theretofore reported, and forthwith pay to the secretary the tax thereon and surrender its certificate of authority to the superintendent. Upon receipt, the secretary shall submit a copy of the report to the superintendent and shall certify that all tax obligations have been satisfied by the withdrawing insurer.

History: Laws 1984, ch. 127, § 103; 2018, ch. 57, § 14.

ANNOTATIONS

The 2018 amendment, effective January 1, 2020, moved the collection of insurance premium tax from the office of the superintendent of insurance to the taxation and revenue department, and authorized the secretary of taxation and revenue to also collect the health insurance premium surtax from insurers that cease to do business in the state; and after "shall thereupon file with the", deleted "superintendent" and added "secretary of taxation and revenue", after "premium tax", deleted "as provided by Section 102 of this article" and added "or the health insurance premium surtax", after "forthwith pay to the", deleted "superintendent" and added "secretary", and added the last sentence.

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.


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