Section 59A-38-3 - Application for certificate of authority.

NM Stat § 59A-38-3 (2019) (N/A)

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The attorney-in-fact shall file with the superintendent an application for certificate of authority as provided in Section 88 [59A-5-21 NMSA 1978] of the Insurance Code and also accompanied by:

A. the name of the attorney-in-fact, the name under which policies or contracts of insurance are to be made, and the title under which the business is to be conducted, which title shall contain the name of Lloyds;

B. the location of the principal office of the attorney-in-fact;

C. a copy of each form of policy or contract by which such insurance is to be effected;

D. the classes of vehicle insurance to be issued;

E. a copy of the articles of agreement entered into between underwriters themselves and the attorney-in-fact;

F. the names and addresses of all underwriters, whose number shall not be less than five (5);

G. a statement that executed contracts or bona fide applications to be concurrently effective have been made for the issuance of not less than one hundred (100) separate policies of insurance; and

H. an instrument executed by each and all of the underwriters especially empowering the attorney-in-fact and the superintendent of insurance to accept service of process for each and all of the underwriters in any action on any policy or contract of insurance.

History: Laws 1984, ch. 127, § 646.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 55.

46A C.J.S. Insurance §§ 1710, 1719, 1728.

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Section 59A-38-2 - Approval of policies; attorney-in-fact.

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Section 59A-38-4 - Cash or security deposit.