AI-assisted research summary: The ultimate controlling person of a registered insurer must file an annual group capital calculation report, unless an exemption applies.
59A-37-33. Group capital calculation. A. Except as provided below, the ultimate controlling person of an insurer subject to registration pursuant to the provisions of the Insurance Code [Chapter 59A NMSA 1978] shall also file an annual group capital calculation report in accordance with the group capital calculation instructions in the financial analysis handbook adopted by the association as directed by the superintendent. B. The following insurance holding company systems shall be exempt from filing the group capital calculation report: (1) an insurance holding company system that has only one insurer within its holding company structure, only writes business and is licensed in its domestic state and assumes no business from any other insurer; (2) an insurance holding company system that is required to perform a group capital calculation as specified by the United States federal reserve board; (3) an insurance holding company system whose non-United States group- wide supervisor is located in a reciprocal jurisdiction that recognizes the United States regulatory approach to group supervision and group capital; and (4) an insurance holding company system: (a) that provides information to a lead state that meets the association's accreditation requirements and financial standards; and (b) whose non-United States group-wide supervisor recognizes and accepts the world-wide capital assessment for United States insurance groups that operate in that jurisdiction. C. If an insurance holding company system is required to perform a group capital calculation with the United States federal reserve board, the superintendent shall request the calculation from the United States federal reserve board. If the United States federal reserve board cannot share the calculation, the insurance holding company system is not exempt from the group capital calculation report. D. Notwithstanding any other provisions of this section, a lead state regulator shall require a group capital calculation for United States operation of any non-United States- based insurance holding company system where, after any necessary consultation with other commissioners, it is deemed appropriate by the lead state regulator for prudential oversight and solvency monitoring purposes or for ensuring a competitive insurance marketplace. E. Notwithstanding the filing exemptions provided in this section, the superintendent may exempt the ultimate controlling person from filing that annual group capital calculation and accept a limited group capital calculation report in accordance with criteria specified by the superintendent in regulation. F. If the superintendent determines that an insurance holding company system no longer meets the requirements for an exemption, the insurance holding company system shall file the group capital calculation at the next annual filing date unless given an extension by the superintendent based on reasonable grounds shown. History: Laws 2025, ch. 108, § 4.