Section 59A-15-4 - Insurance independently procured; duty to file returnsA. Each insured who in this state procures or continues or renews insurance with a nonadmitted insurer on a risk located or to be performed in whole or in part in this state, other than insurance procured through a surplus lines licensee pursuant to Chapter 59A, Article 14 NMSA 1978 shall file returns pursuant to the Insurance Premium Tax Act [7-40-1 to 7-40-10 NMSA 1978].B. If an independently procured policy covers risks or exposures only partially located or to be performed in this state, the taxes, fees and penalties imposed pursuant to the Insurance Code and the Insurance Premium Tax Act shall be computed on the portion of the premium properly attributable to the risks or exposures located or to be performed in this state and reported to the secretary of taxation and revenue. In no event, however, shall a tax be payable solely because the risk in question, or any portion thereof, is located or to be performed in this state.C. This section does not abrogate or modify, and shall not be construed or deemed to abrogate or modify, any provision of the Insurance Code.D. This section does not apply to life insurance, health insurance or annuities.Laws 1984, ch. 127, § 259.1.Amended by 2023, c. 85,s. 25, eff. 7/1/2023.Amended by 2018, c. 57,s. 18, eff. 1/1/2020.