New Mexico Statutes 59A-10-7. Insurer’s rights during solvency
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A. So long as the insurer remains solvent and is in compliance with the Insurance Code it may:
Terms Used In New Mexico Statutes 59A-10-7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
(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.