This bill amends the Insurance Holding Company Law and the Health Maintenance Organization Law in New Mexico to enhance regulatory oversight and reporting requirements for insurance entities. Key provisions include the introduction of new definitions related to insurance holding companies, such as "enterprise risk," "group-wide supervisor," and "liquidity stress test framework." The bill mandates that the ultimate controlling person of an insurer file an annual group capital calculation report and undergo liquidity stress tests, with specific exemptions for certain insurance holding company systems. Additionally, it establishes the superintendent's authority to participate in supervisory colleges for insurers with international operations and outlines the criteria for determining group-wide supervisors.

Furthermore, the bill modifies the timeline for examinations of health maintenance organizations, ensuring that these entities are examined at least once every five years. It allows the superintendent to accept examination reports from other states in lieu of conducting a new examination. The bill aims to improve the financial stability and regulatory compliance of insurance companies operating in New Mexico, thereby protecting the interests of policyholders and ensuring a competitive insurance marketplace.

Statutes affected:
introduced version: 59A-46-19
HC substitute: 59A-37-2, 59A-37-30, 59A-37-32, 59A-46-19
Final Version: 59A-37-2, 59A-37-30, 59A-37-32, 59A-46-19