The bill amends Section 59A-2-8 of the New Mexico Insurance Code to grant the Superintendent of Insurance the authority to issue civil investigative subpoenas. This new power allows the Superintendent to compel compliance from individuals or entities suspected of violating insurance regulations. Specifically, the Superintendent can issue a subpoena prior to any notice of contemplated action and can seek a court order to enforce compliance if a person fails to respond without lawful excuse.

Additionally, the bill outlines the procedures for the issuance of emergency rules or orders by the Superintendent during a state of emergency, as declared by the governor. These emergency measures can address various insurance-related issues, such as grace periods for premium payments and the suspension of compliance with certain statutes or rules. The emergency rules must specify the geographic area and effective dates, and they cannot apply retroactively or extend beyond the governor's order. Overall, the bill enhances the regulatory powers of the Superintendent to ensure effective oversight of the insurance market during emergencies.

Statutes affected:
introduced version: 59A-2-8
Final Version: 59A-2-8