New Mexico Statutes 59A-12E-11. Reciprocal jurisdictions
A. The superintendent shall timely create and publish a list of reciprocal jurisdictions. A list of reciprocal jurisdictions shall be published through the national association of insurance commissioners committee process. The superintendent’s list shall include any reciprocal jurisdiction as defined in Paragraphs (1) and (2) of Subsection F of Section 2 [59A-12E-2 N.M. Stat. Ann.] of the Credit for Reinsurance Act and shall consider any other reciprocal jurisdiction included on the national association of insurance commissioners list. The superintendent may approve a jurisdiction that does not appear on the national association of insurance commissioners list of reciprocal jurisdictions in accordance with criteria to be developed pursuant to rules adopted by the superintendent.
Terms Used In New Mexico Statutes 59A-12E-11
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
B. The superintendent may remove a jurisdiction from the list of reciprocal jurisdictions upon a determination that the jurisdiction no longer meets the requirements of a reciprocal jurisdiction, in accordance with a process set forth in rules adopted by the superintendent, except that the superintendent shall not remove from the list a reciprocal jurisdiction as defined in Paragraphs (1) and (2) of Subsection F of Section 2 of the Credit for Reinsurance Act. Upon removal of a reciprocal jurisdiction from the list, credit for reinsurance ceded to an assuming insurer that has its home office or is domiciled in that jurisdiction shall be allowed, if otherwise allowed pursuant to the Credit for Reinsurance Act.