A. If an accredited or certified reinsurer ceases to meet the requirements for accreditation or certification, the superintendent may suspend or revoke the reinsurer’s accreditation or certification.

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Terms Used In New Mexico Statutes 59A-12E-14

  • Contract: A legal written agreement that becomes binding when signed.
  • 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 shall give the reinsurer notice and opportunity for hearing. The suspension or revocation shall not take effect until after the superintendent’s order on hearing unless:

(1)     the reinsurer waives its right to hearing;

(2)     the superintendent’s order is based on regulatory action by the reinsurer’s domiciliary jurisdiction or the voluntary surrender or termination of the reinsurer’s eligibility to transact insurance or reinsurance business in its domiciliary jurisdiction or in the primary certifying state of the reinsurer pursuant to Subsection J of Section 9 [59A- 12E-9 NMSA 1978] of the Credit for Reinsurance Act; or

(3)     the superintendent finds that an emergency requires immediate action and a court of competent jurisdiction has not stayed the superintendent’s action.

C. While a reinsurer’s accreditation or certification is suspended, no reinsurance contract issued or renewed after the effective date of the suspension qualifies for credit except to the extent that the reinsurer’s obligations pursuant to the contract are secured in accordance with Section 16 [59A-12E-16 N.M. Stat. Ann.] of the Credit for Reinsurance Act. If a reinsurer’s accreditation or certification is revoked, no credit for reinsurance shall be granted after the effective date of the revocation, except to the extent that the reinsurer’s obligations pursuant to the contract are secured in accordance with Subsections C through I of Section 9 or Section 16 of the Credit for Reinsurance Act.