New Mexico Register / Volume XXXVII,
Issue 12 / June 23, 2026
TITLE 13 INSURANCE
CHAPTER 2 INSURANCE COMPANY LICENSING AND OPERATION
PART 13 REDOMESTICATION OF INSURERS
13.2.13.1 ISSUING AGENCY: Office of
Superintendent of Insurance.
[13.2.13.1 NMAC –
N, 06/23/2026]
13.2.13.2 SCOPE: This rule applies
to, but is not limited to, foreign insurer transfers of corporate domicile by
merger, consolidation, or any other lawful method.
[13.2.13.2 NMAC –
N, 06/23/2026]
13.2.13.3 STATUTORY AUTHORITY: Sections 14-4-1 et
seq., NMSA 1978, State Rules Act, Sections 59A-2-9 and 59A-5-10 NMSA 1978.
[13.2.13.3 NMAC – N, 06/23/2026]
13.2.13.4 DURATION: Permanent.
[13.2.13.4 NMAC – N, 06/23/2026]
13.2.13.5 EFFECTIVE DATE: June 23, 2026,
unless a later date is cited at the end of a section.
[13.2.13.5 NMAC –
N, 06/23/2026]
13.2.13.6 OBJECTIVE: The purpose of
this rule is to establish requirements and standards for redomestication
of an insurance company to the state of New Mexico.
[13.2.13.6 NMAC –
N, 06/23/2026]
13.2.13.7 DEFINITIONS:
A. “Domestic insurer” has the same meaning as defined
in Section 59A-5-4 NMSA 1978.
B. “Foreign insurer” has the same meaning as defined in Section
59A-5-5 NMSA 1978.
C. “Superintendent” has the same meaning as defined in
Section 59A-1-12 NMSA 1978.
[13.2.13.7 NMAC –
N, 06/23/2026]
13.2.13.8 APPROVAL AS A DOMESTIC INSURER:
A. An insurer that is organized under the laws of any other
state and is admitted to do business in this state for the purpose of writing
insurance may become a domestic insurer by complying with all of the
requirements of law relative to the organization and licensing of a domestic
insurer of the same type and by designating its principal place of business at
a place in this state.
B. The domestic insurer will be entitled to like certificates
and licenses to transact business in this state, and shall be subject to the
authority and jurisdiction of this state.
[13.2.13.8 NMAC –
N, 06/23/2026]
13.2.13.9 CONVERSION TO FOREIGN INSURER:
A. A
domestic insurer may, upon the approval of the superintendent, transfer its
domicile to any other state in which it is admitted to transact the business of
insurance, and upon such a transfer shall cease to be a domestic insurer in New
Mexico, and shall be admitted to this state if qualified as a foreign insurer.
B. The
superintendent shall approve the proposed transfer unless the superintendent
determines the transfer is not in the interest of the policyholders of this
state.
[13.2.13.9 NMAC –
N, 06/23/2026]
13.2.13.10 EFFECTS OF REDOMESTICATION:
A. The certificate of authority, agents appointments and
licenses, rates and other items which the superintendent allows, in their
discretion, that are in existence at the time an insurer licensed to transact
the business of insurance in this state transfers its corporate domicile to
this or any other state by merger, consolidation or any other lawful method
shall continue in full force and effect upon transfer if the insurer remains
duly qualified to transact the business of insurance in this state.
B. All outstanding policies of a transferring insurer shall
remain in full force and effect and need not be endorsed as to the new name of
the company or its new location unless so ordered by the superintendent.
C. A transferring insurer shall file new policy forms
with the superintendent on or before the effective date of the transfer, but
may use existing policy forms with appropriate endorsements if allowed by, and
under such conditions as approved by, the superintendent.
D. However, every transferring insurer shall notify the superintendent
of the details of the proposed transfer and shall file promptly any resulting
amendments to corporate documents filed or required to be filed with the superintendent.
[13.2.13.10 NMAC –
N, 06/23/2026]
History of 13.2.13
NMAC: [RESERVED]