Current as of May 06, 2021 | Updated by FindLaw Staff
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A. A purchasing group which intends to do business in New Mexico shall, prior to doing business, furnish notice to the superintendent. The notice shall contain all information requested by the superintendent.
B. The purchasing group shall register with and designate the superintendent as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee shall be imposed by the superintendent, except that such requirements shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the federal Product Liability Risk Retention Act of 1981 1 and:
(1) which in any state:
(a) was domiciled before April 1, 1986; and
(b) is domiciled on and after October 27, 1986; or
(2) which:
(a) before October 27, 1986 purchased insurance from an insurance carrier licensed in any state; and
(b) since October 27, 1986 purchased its insurance from an insurance carrier licensed in any state;
(3) which was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986; and
(4) which does not purchase insurance that was not authorized for purposes of an exemption under the Product Liability Risk Retention Act of 1981, as in effect before October 27, 1986.
C. Each purchasing group that is required to give notice pursuant to Subsection A of this section shall also furnish such information as may be required by the superintendent.
D. Any purchasing group which was doing business in this state prior to the enactment of the Risk Retention and Purchasing Group Act shall, within thirty days after the effective date of that act, furnish notice to the commissioner pursuant to the provisions of Subsection A of this section and furnish such information as may be required pursuant to Subsections B and C of this section.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 59A. Insurance Code § 59A-55-19. Notice and registration requirements of purchasing groups - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-59a-insurance-code/nm-st-sect-59a-55-19/
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