New Mexico Statutes 59A-5-20. General deposit of alien insurer
A. The superintendent shall not issue or permit to exist a certificate of authority to transact insurance in this state as to an alien insurer unless and while the insurer has made and maintains out of its surplus over its United States’ liabilities a general deposit of assets acceptable to the superintendent with or through the insurance supervisory officer of a state in which the insurer is authorized to transact insurance, in trust for the benefit of all the insurer’s policyholders and creditors in the United States.
Terms Used In New Mexico Statutes 59A-5-20
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
B. The deposit shall at all times have a value of not less than the capital and surplus required under Schedule I of Section 59A-5-16 N.M. Stat. Ann., of a foreign insurer transacting like kinds of insurance in this state. The amount of the deposit shall to like amount offset the amount of general deposit otherwise required of the insurer under Schedule I of Section 59A-5-16 N.M. Stat. Ann..