Authorization of Insurers and General Requirements (59A-5-1 to 59A-5-33)
NMSA 1978, Chapter 59A (New Mexico Insurance Code), Article 5
Edition and licensing notes
Publisher. nmonesource.com (New Mexico Compilation Commission)
Edition. NMSA 1978, current through the Second Session of the Fifty-Seventh Legislature (2026) (same edition string as the corpus documents nm-ins-producer-licensing and nm-ins-01 from the same PDF; the PDF was generated 2026-09-24 per its metadata)
Status. NM statutes, public domain (state government edict).
What this document is
NMSA 1978, Chapter 59A (New Mexico Insurance Code), Article 5 - Authorization of Insurers and General Requirements (59A-5-1 to 59A-5-33) is a state statute published by nmonesource.com (New Mexico Compilation Commission). It is one of the New Mexico documents that insurance license exam questions are written from, including new mexico property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.
Sections cited in practice questions
Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.
- NMSA 1978, § 59A-5-27(A) (Duration of suspension)
“Suspension of an insurer's certificate of authority shall be for a fixed period of time not to exceed two years or until the occurrence of a specific event necessary for remedying the reasons for suspension. During the suspension period the superintendent may modify or rescind the suspension by further order.”
- NMSA 1978, § 59A-5-23(C), (D) (Continuance, expiration, reinstatement of certificate of authority)
“Upon the insurer's request made within three months after expiration, the superintendent may reinstate a certificate of authority that the insurer inadvertently permitted to expire, after the insurer has fully cured all its failures that resulted in the expiration, and upon payment by the insurer...”
- NMSA 1978, § 59A-5-30(A) (Penalties for late, false annual statements)
“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.”
- NMSA 1978, § 59A-5-11(D) (Exemptions from authority requirement)
“prosecution or defense of suits at law; but no insurer unlawfully transacting insurance in this state without certificate of authority shall be permitted to institute or maintain (other than defend) any action at law or in equity in any court of this state, either directly or through an assignee or...”
- NMSA 1978, § 59A-5-7 ("Mutual" insurer defined)
“A "mutual" insurer is an incorporated insurer without capital stock, the governing body of which is elected by its policyholders.”
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