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 insurance holding
company requirements for all domestic insurers doing business in New Mexico, to
be codified in the New Mexico Administrative Code, 13.2.2 NMAC – Insurance
Company Licensing and Operation – Insurance Holding Companies.
The purpose of this rule is to introduce a pre-acquisition
notification form regarding the potential competitive impact of a proposed
merger or acquisition by a non-domiciliary insurer doing business in New Mexico
or by a domestic insurer, to introduce an enterprise risk report form, and to
require that additional statements regarding cost-sharing arrangements be
included in the form for prior notice of a transaction.
Statutory authority for promulgation of this rule derives from the superintendent’s powers under Section 59A-2-9 NMSA 1978, as well as from the 2014 amendments to Section 59A-37-20(A)(2) 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. 18-00010-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