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New Mexico Statutes Chapter 59A. Insurance Code § 59A-10-7. Insurer's rights during solvency

Current as of January 01, 2024 | Updated by Findlaw Staff

A. So long as the insurer remains solvent and is in compliance with the Insurance Code it may:

(1) demand, receive, and sue for and recover the income from the assets deposited;

(2) exchange and substitute eligible assets of equivalent or greater fair market value for the deposited assets; and

(3) at any reasonable time inspect any such deposit.

B. The superintendent may prescribe or approve reasonable arrangements and safeguards under which a solvent insurer may sell a particular deposited asset, immediately reinvest the proceeds of such sale in other assets eligible for deposit under this article, and deposit such other assets in lieu of that sold, in absence of excess deposit of the insurer adequate to cover such exchange.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 59A. Insurance Code § 59A-10-7. Insurer's rights during solvency - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-59a-insurance-code/nm-st-sect-59a-10-7/

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