A. Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the superintendent, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in:

(1) Sections 59A-37-11 through 59A-37-19.2 NMSA 1978;

(2) Subsection A of [Section] 59A-37-20 NMSA 1978;

(3) Sections 59A-37-21 and 59A-37-22 NMSA 1978; and

(4) either:

(a) Subsection B of Section 59A-37-20 NMSA 1978; or

(b) a provision requiring each registered insurer to keep current the information required to be disclosed in its registration statement by reporting all material changes or additions within fifteen days after the end of the month in which it learns of each change or addition.

B. Any insurer which is subject to registration under this section shall register within fifteen days after it becomes subject to registration, and annually thereafter by the fifteenth day of April each year, unless the superintendent for good cause shown extends the time for registration, and then within such extended time. The superintendent may require any authorized insurer which is a member of a holding company system and which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by such insurer with the insurance regulatory authority of its domiciliary jurisdiction.

History: Laws 1984, ch. 127, § 626; 1993, ch. 320, § 76.

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

The 1993 amendment, effective June 18, 1993, added the subsection designations; substituted the language following "similar to those contained in" for "Section 626 through 634 of this article" at the end of Subsection A; in Subsection B, in the first sentence, inserted "under this section" and "and annually thereafter by the fifteenth day of April each year", inserted "under this section" in the second sentence, and made minor stylistic changes throughout the subsection.