N.M. Stat. § 59A-6-5

Current through 2024, ch. 69

Section 59A-6-5 - Distribution of office collections

A. All money received by the office of superintendent of insurance for fees, licenses and penalties shall be paid daily by the superintendent to the state treasurer and credited to the "insurance department suspense fund" except as provided by the Law Enforcement Protection Fund Act [Chapter 29, Article 13 NMSA 1978].

B. The superintendent may authorize the refund of money erroneously paid as fees, licenses or penalties from the insurance department suspense fund upon request for refund, if the request is made within one year after the erroneous payment.

C. The "insurance operations fund" is created in the state treasury. The fund shall consist of the distributions made to it pursuant to Subsection D of this section. The legislature shall annually appropriate from the fund to the division those amounts necessary for the division to carry out its responsibilities pursuant to the Insurance Code and other laws. Any balance in the fund at the end of a fiscal year shall revert to the general fund.

D. At the end of every month, after applicable refunds are made pursuant to Subsection B of this section, the state treasurer shall make the following transfers from the balance remaining in the insurance department suspense fund:

(1) to the "fire protection fund", that part of the balance derived from property and vehicle insurance business;

(2) to the insurance operations fund, that part of the balance derived from the fees imposed pursuant to Subsections A and E of Section 59A-6-1 NMSA 1978 other than fees derived from property and vehicle insurance business; and

(3) to the general fund, the balance remaining in the insurance department suspense fund derived from all other kinds of insurance business.

NMS § 59A-6-5

Laws 1984, ch. 127, § 105; 1985, ch. 29, § 3; 1996, ch. 6, § 2; 1999, ch. 289, § 3; 2003, ch. 14, § 19; 2004, ch. 5, § 1; 2007, ch. 282, § 4; 2011, ch. 156, § 3; 2014, ch. 2, § 2; 2017, ch. 1, § 4.

Amended by 2018, c. 57,s. 16, eff. 1/1/2020.

Amended by 2017, c. 1,s. 4, eff. 6/16/2017.

Amended by 2014, c. 2,s. 2, eff. 7/1/2014.

Amended by 2011, c. 156,s. 3, eff. 7/21/2011.