A. Each insured who in this state procures or continues or renews insurance with a non-admitted insurer on a risk located or to be performed in whole or in part in this state, other than insurance procured through a surplus lines licensee pursuant to Article 14 [Chapter 59A, Article 14 NMSA 1978] of the Insurance Code shall, within 90 days after the date such insurance was so procured, continued or renewed, file a written report of the same with the superintendent, upon forms prescribed by him, showing the name and address of the insured or insureds, name and address of the insurer, the subject of the insurance, a general description of the coverage, the amount of premium currently charged therefor and such additional pertinent information as is reasonably requested by the superintendent.

B. Gross premiums charged for such insurance, less any return premiums, are subject to a tax at the same rate as is applicable to premium of authorized insurers under Section 102 [59A-6-2 NMSA 1978] of the Insurance Code. At the time of filing the report required in the first paragraph [Subsection A] of this section, the insured shall pay the tax to the superintendent.

C. If an independently procured policy covers risks or exposures only partially located or to be performed in this state, the tax payable shall be computed on the portion of the premium properly attributable to the risks or exposures located or to be performed in this state. In no event, however, shall a tax be payable solely because the risk in question, or any portion thereof, is located or to be performed in this state.

D. Delinquent taxes hereunder shall bear interest at the rate of twelve percent per annum.

E. This section does not apply to life insurance, health insurance or annuities.

F. This section does not abrogate or modify, and shall not be construed or deemed to abrogate or modify, any provision of Section 258 [59A-15-2 NMSA 1978] or any other provision of this Code.

History: Laws 1984, ch. 127, § 259.1.

Bracketed material. — The bracketed material was inserted by the compiler and it is not part of the law.