The superintendent shall:

1. A. be bonded as provided in the Surety Bond Act [10-2-13 to 10-2-16 NMSA 1978];
2. B. not have a direct financial interest in an insurer, insurance agency or insurance transaction except as a policyholder or a claimant under a policy or as an owner of less than one percent of the shares of an insurer that is a publicly traded corporation; and

3. C. not have a spouse who:

   1. (1) has a direct financial interest in an insurer or insurance agency regulated by the office of superintendent of insurance, except as an owner of less than one percent of the shares of an insurer that is a publicly traded corporation; or
   2. (2) is licensed as an individual by the office of superintendent of insurance.

History: Laws 1984, ch. 127, § 21; 2013, ch. 74, § 11; 2015, ch. 11, § 5; 2020, ch. 63, § 3.

ANNOTATIONS

The 2020 amendment, effective May 20, 2020, removed a provision requiring the superintendent be a resident of New Mexico at the time of appointment; and deleted former Subsection A and redesignated the succeeding subsections accordingly.

The 2015 amendment, effective June 19, 2015, provided for new qualifications and restrictions on the position of superintendent of insurance; in Subsection A, deleted "have been" and added "be" preceding "a resident", and after "New Mexico", deleted "for at least one year before" and added "at the time of"; in Subsection B, after "Act;", deleted "and"; in Subsection C, after "not have", deleted "nor have a spouse or child who has, any" and added "a", and deleted the period and added "; and"; and added Subsection D.

The 2013 amendment, effective March 29, 2013, provided qualifications for the superintendent of insurance; in Subsection A, after "for at least", deleted "three (3) years" and added "one year" and deleted "The superintendent shall"; and added Subsection C.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Personal liability of public officials or their bonds for permitting insurance companies to engage or continue in business without complying with statutory requirements, 131 A.L.R. 275.