The superintendent shall:

A. organize and manage the office of superintendent of insurance and direct and supervise all its activities;

B. execute the duties imposed upon the superintendent by the Insurance Code;

C. enforce those provisions of the Insurance Code that are administered by the superintendent;

D. have the powers and authority expressly conferred by or reasonably implied from the provisions of the Insurance Code;

E. conduct such examinations and investigations of insurance matters, in addition to those expressly authorized, as the superintendent may deem proper upon reasonable and probable cause to determine whether a person has violated a provision of the Insurance Code or to secure information useful in the lawful enforcement or administration of the provision;

F. have the power to sue or be sued;

G. have the power to make, enter into and enforce all contracts, agreements and other instruments necessary, convenient or desirable in the exercise of the superintendent's powers and functions and for the purposes of the Insurance Code;

H. prepare an annual budget for the office of superintendent of insurance;

I. have the right to require performance bonds of employees as the superintendent deems necessary pursuant to the Surety Bond Act [10-2-13 to 10-2-16 NMSA 1978]. The office of superintendent of insurance shall pay the cost of required bonds;

J. comply with the provisions of the Administrative Procedures Act [12-8-1 to 12-8-25 NMSA 1978]; and

K. have such additional powers and duties as may be provided by other laws of this state.

History: Laws 1984, ch. 127, § 26; 2013, ch. 74, § 13.

The 2013 amendment, effective March 29, 2013, provided for the powers and duties of the superintendent of insurance; in Subparagraph A, after "manage the", added "office of superintendent of" and after "insurance", deleted "department"; in Subsections B, C and E, deleted "him" or "he" and added "the superintendent"; and added Subsections F through J.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Approval of form of policy, limits of powers of insurance commissioner as to, 135 A.L.R. 745.

44 C.J.S. Insurance § 15 et seq.