Surety bonds submitted in lieu of special deposits shall be issued by a surety company qualified to transact surety business within the state of New Mexico, provided that such surety company shall not control, be controlled by, or be under common control with the insurer or service contract provider for which the bond is submitted.

[8/24/87; 13.2.4.18 NMAC - Rn & A, 13 NMAC 2.4.18, 6/14/07]

HISTORY OF 13.2.4 NMAC:

Pre-NMAC History: The material in this part was derived from that previously filed with the State Records Center:

INS Rule 80-2, Statutory Deposit Rule, filed 3/27/80.

Rule No. SCC-87-2-IN, Insurance Department Regulation 5-1, Use of Commercial Depository’s for Statutory Deposits, filed 7/27/87.

History of Repealed Material: [RESERVED]

Other History:

Rule No. SCC-87-2-IN, Insurance Department Regulation 5-1, Use of Commercial Depository’s for Statutory Deposits (filed 7/27/87) was renumbered, reformatted, amended and replaced by 13 NMAC 2.4, Use of Commercial Depositories for Statutory Deposits, effective 7/1/97.

13 NMAC 2.4, Use of Commercial Depositories for Statutory Deposits (filed 5/27/97) was renumbered, reformatted, amended and replaced by 13.2.4 NMAC, Use of Commercial Depositories for Statutory Deposits, effective 6/14/07.