FORTY-NINTH LEGISLATURE

FIRST SESSION, 2009

February 15, 2009

Mr. Speaker:

    Your BUSINESS AND INDUSTRY COMMITTEE, to whom has been referred

HOUSE BILL 468

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 4, line 25, after the comma, insert "or".

     2. On page 5, line 1, strike "threatens" and insert in lieu thereof ", on the basis of objective and credible evidence or documentation, determines that any person is threatening".

     3. On page 5, line 8, after "or", insert "the objective and credible evidence supporting the".

          5

     4. On page 7, line 7, strike "relevant" and insert in lieu thereof "directly related" and after the period, insert the following new sentence:

"Any information, documents or materials produced under this subsection shall be confidential and subject to the requirements of Section 59A-4-2 NMSA 1978.".

     5. On page 9, line 16, remove the brackets and line-through.

     6. On page 9, line 20, strike "; or" and insert in lieu thereof a period.

     7. On page 9, strike lines 21 through 23 and insert in lieu thereof the following new subsection:

          "B. The superintendent may suspend or revoke an insurer's certificate of authority if found after a hearing thereon that the insurer reinsured all or substantially all of its risks, or all or substantially all of its risks in a particular kind of insurance, in another insurer.".

     8. Reletter the succeeding subsection accordingly.,

and thence referred to the JUDICIARY COMMITTEE.                         

                             Respectfully submitted,

Debbie A. Rodella, Chair

Adopted     Not Adopted

           (Chief Clerk)                            (Chief Clerk)

Date

The roll call vote was 11 For 0 Against

Yes:      11

No:       0

Excused:  Barreras

Absent:   None

177127.1

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