New Mexico Statutes 59A-39-5. Attorney
A. “Attorney”, as used in N.M. Stat. Ann. Chapter 59A, Article 39, refers to the attorney- in-fact of a reciprocal insurer. The attorney may be an individual, firm or corporation.
Terms Used In New Mexico Statutes 59A-39-5
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
B. The attorney of a foreign reciprocal insurer, which insurer is duly authorized to transact insurance in this state, shall not, by virtue of the discharge of its duties as such attorney with respect to the insurer’s transactions in this state, be thereby deemed to be doing business in this state within the meaning of any laws of this state applying to foreign persons, firms or corporations.
C. The subscribers and the attorney-in-fact comprise a reciprocal insurer and single entity for the purposes of the Insurance Premium Tax Act N.M. Stat. Ann. § 7-40-1 to 7-40-10 and Sections 59A-6-3 through 59A-6-6 N.M. Stat. Ann. as to all operations under the insurer’s certificate of authority.