summary
Introduced
01/24/2022
01/24/2022
In Committee
02/14/2022
02/14/2022
Crossed Over
02/15/2022
02/15/2022
Passed
02/17/2022
02/17/2022
Dead
Signed/Enacted/Adopted
03/02/2022
03/02/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO INSURANCE; ENACTING THE CREDIT FOR REINSURANCE ACT; PROVIDING FOR CREDIT TO INSURERS OBTAINING REINSURANCE; REPEALING AND ENACTING SECTIONS OF THE NMSA 1978; DECLARING AN EMERGENCY.
AI Summary
This bill enacts the Credit for Reinsurance Act, which provides rules for allowing credit to insurers that obtain reinsurance. The key provisions include defining terms like "accredited jurisdiction" and "qualified United States financial institution", setting requirements for credit to be allowed for reinsurance ceded to various types of assuming insurers, establishing accreditation and certification processes for reinsurers, and granting authority to the superintendent of insurance to promulgate related rules. The bill also repeals an existing section of New Mexico law and declares an emergency to allow the act to take effect immediately.
Committee Categories
Budget and Finance, Justice
Sponsors (8)
Carrie Hamblen (D)*,
Martin Hickey (D)*,
Linda López (D)*,
Liz Stefanics (D)*,
Day Hochman-Vigil (D),
Mark Moores (R),
Jerry Ortiz y Pino (D),
Nancy Rodriguez (D),
Last Action
Signed by Governor - Chapter 35 - Mar. 2 (on 03/02/2022)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=150&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/final/SB0150.pdf |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0150.pdf |
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