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New Mexico Statutes Chapter 59A. Insurance Code § 59A-4-14. Examination expense;  payment

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A. The person examined shall pay all reasonable costs and expenses of the examination upon presentation by the superintendent, upon completion of the examination, of a detailed statement of accrued costs and expenses.  Remuneration and expenses of salaried personnel of the insurance department serving in the examination shall be paid to the superintendent, and upon receipt thereof, the superintendent shall deposit the payment with the state treasurer to the credit of the “insurance examination fund” which is hereby created in the state treasury.  Money in the fund is appropriated to the superintendent to be used by the superintendent exclusively for expenses for examinations.  All money in excess of twenty thousand dollars ($20,000) remaining in the fund and unencumbered at the end of any fiscal year shall revert to the general fund.  The examinee, upon the superintendent's written request and approval of the amount thereof, shall pay direct to the examiners or specialists remuneration and expenses of independently contracting examiners and specialists used by the superintendent in the examination, which remuneration shall be based on but not limited to the suggested compensation amounts of a national association of insurance commissioners.

B. If another state in examination of a person domiciled in this state charges per diem and other allowances in excess of those generally charged by this state in a similar examination, the superintendent in examination of a person domiciled in that state shall charge per diem and allowances at the same rate charged by the other state.

Cite this article: - New Mexico Statutes Chapter 59A. Insurance Code § 59A-4-14. Examination expense;  payment - last updated May 06, 2021 |

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