There is created in the state treasury the "law enforcement protection fund". Ten percent of all money received for fees, licenses and penalties from life, general casualty and title insurance business pursuant to the New Mexico Insurance Code [Chapter 59A NMSA 1978] shall be paid monthly to the state treasurer and credited to the fund. On or before June 30 of each year, the state treasurer shall transfer to the general fund any balance in the law enforcement protection fund in excess of one hundred thousand dollars ($100,000) that is not obligated for expenses in that current fiscal year.
History: Laws 1983, ch. 289, § 3; 1985, ch. 29, § 1; 1988, ch. 96, § 1; 1993, ch. 179, § 5; 2003, ch. 202, § 1; 2004, ch. 122, § 1; 2017, ch. 1, § 1; 2018, ch. 57, § 12.
The 2018 amendment, effective January 1, 2020, removed the exception for the health insurance premium surtax from paying into the law enforcement protection fund; and after "New Mexico Insurance Code", deleted "except for money received from the health insurance premium surtax, imposed by Subsection C of Section 59A-6-2 NMSA 1978".
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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