New Mexico Statutes Chapter 59A. Insurance Code § 59A-12E-13. Agreements of reciprocal jurisdiction reinsurers

(1) the date on which the assuming insurer has met all eligibility requirements pursuant to Section 10 of the Credit for Reinsurance Act; and

(2) the effective date of the new reinsurance agreement, amendment or renewal.

(1) that in the event of the failure of the assuming insurer to perform its obligations pursuant to the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding insurer, shall submit to the jurisdiction of any court of competent jurisdiction in any state of the United States; will comply with all requirements necessary to give the court jurisdiction; and will abide by the final decision of the court or of any appellate court in the event of an appeal; and

(2) to designate the superintendent or a designated attorney as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the ceding insurer; provided that this subsection is not intended to conflict with or override the obligation of the parties to a reinsurance agreement to arbitrate their disputes, if this obligation is created in the agreement.

(1) notwithstanding any other provision in the trust instrument, if the trust fund is inadequate because it contains an amount less than the amount required by Section 6 of the Credit for Reinsurance Act, or if the grantor of the trust has been declared insolvent or placed into receivership, rehabilitation, liquidation or similar proceedings pursuant to the laws of its state or country of domicile, the trustee shall comply with an order of the government agency with regulatory oversight over the trust or with an order of a court of competent jurisdiction directing the trustee to transfer to the government agency with regulatory oversight all of the assets of the trust fund;

(2) the assets shall be distributed by and claims shall be filed with and valued by the government agency with regulatory oversight in accordance with the laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic insurance companies;

(3) if the government agency with regulatory oversight determines that the assets of the trust fund or any part of the fund are not necessary to satisfy the claims of the United States ceding insurers of the grantor of the trust, the assets or part of the assets shall be returned by the government agency with regulatory oversight to the trustee for distribution in accordance with the trust agreement; and

(4) the grantor shall waive any right otherwise available to it pursuant to United States law that is inconsistent with this subsection.