A. A certificate of authority shall continue in force as long as the insurer is entitled thereto under the Insurance Code, and until suspended or revoked by the superintendent or terminated at the insurer's request, subject, however, to continuance of the certificate by the insurer each year by:

(1) payment on or before March 1 of the continuation fee referred to in Section 101 [59A-6-1 NMSA 1978] (fee schedule) of the Insurance Code;

(2) due filing by the insurer of its annual statement for the next preceding calendar year as required by Section 96 [59A-5-29 NMSA 1978] of this article; and

(3) payment by the insurer when due of premium taxes with respect to the preceding calendar year.

B. If not so continued by the insurer its certificate of authority shall expire at midnight on the date of failure of the insurer to continue it in force, unless earlier revoked as provided in Sections 91 through 93 [59A-5-24 to 59A-5-26 NMSA 1978] of this article.

C. Upon the insurer's request made within three (3) months after expiration, the superintendent may reinstate a certificate of authority which the insurer inadvertently permitted to expire, after the insurer has fully cured all its failures which resulted in the expiration, and upon payment by the insurer of the fee for reinstatement specified in Section 101 (fee schedule) of the Insurance Code. Otherwise the superintendent shall grant the insurer another certificate of authority only after filing an application therefor and meeting all other requirements as for an original certificate of authority in this state.

History: Laws 1984, ch. 127, § 90.

Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.