Upon the insolvency of a non-United-States insurer or reinsurer that provides security to fund its obligations in the United States in accordance with the Credit for Reinsurance Act, the assets representing the security shall be maintained in the United States, and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets shall be distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies.History: Laws 2022, ch. 35, § 18. ANNOTATIONSCompiler's notes. — Laws 2022, ch. 35, § 18 was not enacted as part of the Insurance Code, but was compiled there for the convenience of the user.Emergency clauses. — Laws 2022, ch. 35, § 20 contained an emergency clause and was approved March 2, 2022.
New Mexico Legal Code