This bill amends the Insurance Holding Company Law and the Health Maintenance Organization Law in New Mexico, introducing new definitions and requirements for insurance companies. Key provisions include the establishment of annual group capital calculation reports and liquidity stress tests for large life insurance companies. The bill specifies that the ultimate controlling person of an insurer must file these reports in accordance with guidelines set by the National Association of Insurance Commissioners. Additionally, it outlines exemptions for certain insurance holding company systems from filing these reports, particularly those with only one insurer or those already regulated by the United States federal reserve board.

Furthermore, the bill modifies the timeline for examinations of health maintenance organizations, ensuring that these organizations 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 emphasizes the importance of regulatory oversight to protect the interests of the public and maintain the financial stability of insurance entities operating within the state.

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