A. 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. History: Laws 1984, ch. 127, § 259.1; 2018, ch. 57, § 18; 2023, ch. 85, § 25. The 2023 amendment, effective July 1, 2023, clarified that 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 shall file returns pursuant to the Insurance Premium Tax Act; in the section heading, deleted "report" and added "file returns"; and deleted "within ninety days after the date such insurance was so procured, continued or renewed, file a written report of the same with the superintendent, upon forms prescribed by the superintendent, showing the name and address of the insured or insureds, name and address of the insurer, the subject of the insurance, a general description of the coverage, the amount of premium currently charged therefore and such additional pertinent information as is reasonably requested by the superintendent" and added "file returns pursuant to the Insurance Premium Tax Act". The 2018 amendment, effective January 1, 2020, removed the provisions related to reporting to the superintendent of insurance and paying insurance premium tax for insurance procured with a nonadmitted insurer, and required that taxes, fees and penalties imposed pursuant to the Insurance Code and the Insurance Premium Act be reported to the secretary of taxation and revenue; in the catchline, after "duty to report", deleted "and pay tax"; in Subsection A, after "pursuant to", added "Chapter 59A", after "Article 14", deleted "of the Insurance Code" and added "NMSA 1978", and after "within", deleted "90" and added "ninety"; deleted former Subsection B, which related to the rate of tax for gross insurance premiums, and redesignated former Subsection C as Subsection B; in Subsection B, after "performed in this state, the", deleted "tax payable" and added "taxes, fees and penalties imposed pursuant to the Insurance Code and the Insurance Premium Tax Act", and after "exposures located or to be performed in this state", added "and reported to the secretary of taxation and revenue"; deleted former Subsection D and redesignated former Subsections F and E as Subsections C and D, respectively; and in Subsection C, after "any provision", deleted "Section 258 or any other provision of this" and added "the Insurance". Temporary provisions. — Laws 2018, ch. 57, § 30 provided that: A. On January 1, 2020, all personnel directly involved with the audit and collection of the taxes imposed pursuant to the New Mexico Insurance Code prior to the effective date of this act, functions, appropriations, money, records, furniture, equipment and other property of, or attributable to, the financial audit bureau of the office of superintendent of insurance shall be transferred to the taxation and revenue department. B. On January 1, 2020, no contractual obligations of the office of superintendent of insurance shall be binding on the taxation and revenue department.
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