New Mexico Register / Volume XXIX, Issue 4 / February
27, 2018
NOTICE OF PROPOSED RULEMAKING
NOTICE
IS HEREBY GIVEN that the Superintendent of Insurance
(“Superintendent”), and the New Mexico Office of Superintendent of Insurance
(“OSI”), pursuant to the New Mexico Insurance Code, Section 59A-1-1 et seq. NMSA 1978 (“Insurance Code”),
proposes a new rule pertaining to credit for reinsurance requirements to be codified
in the New Mexico Administrative Code, 13.2.8 NMAC – Insurance Company
Licensing and Operation – Credit For Reinsurance
The
purpose of this rule is to implement the following rulemaking requirement
contained in 2014 amendments in to Section 59A-7-11 NMSA 1978 as follows:
59A-7-11(B)(5)(c)
NMSA 1978 “If the superintendent recognizes as qualified a jurisdiction that
does not appear on the list of qualified jurisdictions, the superintendent
shall provide thoroughly documented justification in accordance with criteria
developed by the rule.”;
59A-7-11(B)(5)(d)
NMSA 1978 “The superintendent shall consider the financial strength ratings
that were assigned by rating agencies deemed acceptable to the superintendent
pursuant to rule and assign a rating to each certified reinsurer.”;
59A-7-11(B)(5)(e)
NMSA 1978 “A certified reinsurer shall secure obligations assumed from United
States ceding insurers pursuant to this subsection at a level consistent with
its rating, as specified in rules promulgated by the superintendent.”
This proposed rule adopts the National Association of Insurance Commissioners (NAIC) 2012 version of the Credit for Reinsurance Model Regulation. This proposed rule along with the 2014 amendments to 59A-7-11 NMSA 1978 are part of a broad effort to modernize reinsurance regulation and to conform with the Nonadmitted and Reinsurance Reform Act component of Dodd-Frank. Statutory authority for promulgation of this rule is found at Section 59A-7-11 NMSA 1978.
The proposed rule may be
found on the OSI website at http://www.osi.state.nm.us/,
under the “Rulemaking” tab and is incorporated by reference into this
NOPR. A copy of the full text of the
proposed rule is available by electronic download from the OSI website or the New
Mexico Sunshine portal, or by requesting a copy in person at the NM
Office of Superintendent of Insurance, 1120 Paseo de Peralta, Santa Fe, NM 87501.
The Superintendent
will hold a public comment hearing beginning at 9:30 a.m. on Friday, March 30, 2018, at the Office of
Superintendent of Insurance, Fourth Floor Conference Room, PERA Building, 1120
Paseo de Peralta, Santa Fe, New Mexico.
OSI
staff, all insurers, licensees, insurance business entities, other persons
transacting insurance business in New Mexico, and the members of the public are
encouraged to provide comments or file any written proposals or comments
according to the criteria and schedule set forth as follows: (a) oral comments
will be accepted at the public hearing from any interested parties; (b) written
statements, proposals or comments may be submitted for the record, in lieu of
providing oral testimony at the hearing are due no later than 4:00 p.m. on Thursday March 29, 2018.
Written responses may be submitted for the record
following the hearing and are due no later than 4:00 pm on Friday, April 6, 2018. The
Superintendent will consider all oral comments, and will review all timely
submitted written comments and responses.
The
record shall be closed at 4:00 p.m. on Friday, April 6, 2018. Any person with a disability requiring
special assistance in order to participate in a hearing should contact Melissa
Martinez, at 505-476-0333 at least 48 hours prior to the commencement of the
hearing.
Written
comments, proposals, or responsive comments may be submitted via email to
mariano.romero@state.nm.us or may be filed by sending original copies to:
OSI
Records & Docketing, NM Office of Superintendent of Insurance
Attention:
Mariano Romero, Room 331
1120
Paseo de Peralta, P.O. Box 1689, Santa Fe, NM 87504-1689 Docket
No. 18-00009-RULE-PC
Only
signed statements, proposals or comments will be accepted. Scanned or facsimile signatures or electronic
signatures conforming to federal and state court requirements will be accepted
with the understanding that if there is any dispute regarding a signature, OSI
reserves the right to require that original signatures be provided to verify
the electronic or facsimile signature.
All filings must be received between the hours of 8:00 a.m. and 4:30 p.m.
Monday through Friday except on state holidays.
Any filings after 4:30 will be filed to the docket the next business
day.
DONE AND ORDERED this 15th day of February, 2018.
S/JOHN G. FRANCHINI