46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO INSURANCE; AMENDING A SECTION OF THE NEW MEXICO INSURANCE CODE TO PROVIDE CERTAIN EXEMPTIONS FROM ANNUAL FILING FEES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 59A-6-1.2 NMSA 1978 (being Laws 2001, Chapter 302, Section 2) is amended to read:

"59A-6-1.2. PROPERTY AND CASUALTY ANNUAL RATES AND FORMS FILING FEES.--

A. The annual filing fee for rates and forms due in advance on July 1 for each company in the following groupings shall be equal to the product produced by multiplying three thousandths by the company's previous calendar year's direct written premium as shown on its annual financial statement, but not to exceed an amount of one thousand five hundred dollars ($1,500) and not to be less than an amount of one hundred dollars ($100):

[A.] (1) private passenger automobile - liability and physical damage;

[B.] (2) homeowner's and farm owners';

[C.] (3) workers' compensation;

[D.] (4) other casualty, including surety and fidelity; and

[E.] (5) other property.

B. A company that had no direct written premium in the previous calendar year is exempt from the annual filing fee required in Subsection A of this section."