A. Each risk retention group shall 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 report to the superintendent the net premium written for risks resident or located within New Mexico. 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.
B. To the extent licensed insurance producers are utilized pursuant to Section 59A-55-24 NMSA 1978, they shall report to the superintendent the premiums for direct business for risks resident or located within this state, which the insurance producers have placed with or on behalf of a risk retention group not licensed in this state.
C. To the extent that insurance producers are 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.
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.
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