A. Any insurer failing, without just cause reasonably beyond control of the insurer, to file its annual statement as required in Section 59A-5-29 NMSA 1978 shall be required to pay a penalty of one hundred dollars ($100) for each day's delay, but not to exceed five thousand dollars ($5,000) in aggregate amount. This penalty may be in addition to any refusal to continue, or suspension or revocation of, the insurer's certificate of authority for such failure.

B. Any director, officer, agent or employee of any insurer who subscribes to, makes or concurs in making or publishing any annual or other statement of the insurer required by law, knowing the same to contain any material statement that is false, shall upon conviction thereof be guilty of a misdemeanor and upon conviction shall be sentenced to a fine of not more than one thousand dollars ($1,000), unless by its extent and nature the offense is punishable under other statutes as a felony.

History: Laws 1984, ch. 127, § 97; 2017, ch. 130, § 4.

The 2017 amendment, effective July 1, 2017, removed the requirement that a civil action be brought by the New Mexico attorney general in order for the superintendent of insurance to collect penalties for late or false annual statements; in Subsection A, after "Section", changed "96 of this article" to "59A-5-29 NMSA 1978", and after "in aggregate amount", deleted "to be recovered in a civil action brought against the insurer in the name of the State of New Mexico by the attorney general.", and deleted "Such", and added "This".