0001| AN ACT | 0002| RELATING TO INSURANCE FEES; AUTHORIZING THE ASSESSMENT OF A | 0003| SURCHARGE ON CERTAIN INSURANCE FEES; PROVIDING FOR THE DISTRIBUTION | 0004| OF PROCEEDS OF THE SURCHARGE; AUTHORIZING THE NEW MEXICO FINANCE | 0005| AUTHORITY TO ISSUE CERTAIN BONDS; AMENDING AND ENACTING CERTAIN | 0006| SECTIONS OF THE NMSA 1978; MAKING AN APPROPRIATION; DECLARING AN | 0007| EMERGENCY. | 0008| | 0009| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0010| Section 1. A new section of the Insurance Code, Section 59A-6-1.1 NMSA 1978, is | 0011| enacted to read: | 0012| "59A-6-1.1. SURCHARGE IMPOSED--APPROPRIATION.--A three-dollar ($3.00) | 0013| surcharge shall be assessed for the period beginning March 1, 1996 and ending March 1, 2006 | 0014| on the annual continuation of appointment fees imposed in Subsections E, F, M, R, V and W of | 0015| Section 59A-6-1 NMSA 1978. The surcharge collected shall be distributed monthly to the New | 0016| Mexico finance authority to be pledged irrevocably for the payment of principal, interest and any | 0017| other expenses or obligations related to the bonds issued by the authority to finance information | 0018| and communication equipment, including computer hardware and software, for the insurance | 0019| department." | 0020| Section 2. Section 59A-6-5 NMSA 1978 (being Laws 1984, Chapter 127, Section 105, | 0021| as amended) is amended to read: | 0022| "59A-6-5. DISTRIBUTION OF INSURANCE DEPARTMENT | 0023| COLLECTIONS.-- | 0024| A. All money received by the insurance department or insurance board for fees, | 0025| licenses, penalties and taxes shall be paid daily by the superintendent to the state treasurer and by | 0001| him credited to the "insurance department suspense fund" heretofore created and now existing | 0002| except as provided by: | 0003| (1) the Law Enforcement Protection Fund Act; and | 0004| (2) Section 59A-6-1.1 NMSA 1978. | 0005| B. The superintendent, with approval of the corporation commission or insurance | 0006| board, as the case may be related to the money involved, may authorize refund of money | 0007| erroneously paid as fees, licenses, penalties or taxes from the insurance department suspense | 0008| fund under request for refund made within three years after the erroneous payment. | 0009| C. At the end of every month the treasurer shall transfer to the "fire protection | 0010| fund" the balance remaining in the insurance department suspense fund after applicable refunds | 0011| made therefrom under Subsection B of this section, and derived from property and vehicle | 0012| insurance business, and transfer to the general fund the balance remaining in the insurance | 0013| department suspense fund derived from all other kinds of insurance business." | 0014| Section 3. NEW MEXICO FINANCE AUTHORITY REVENUE BONDS--PURPOSE--APPROPRIATION.-- | 0015| A. The New Mexico finance authority may issue and sell revenue bonds in | 0016| compliance with the New Mexico Finance Authority Act in installments or at one time in an | 0017| amount not exceeding one million dollars ($1,000,000) for the purpose of financing information | 0018| and communication equipment, including computer hardware and software, for the department | 0019| of insurance. | 0020| B. The New Mexico finance authority may issue and sell revenue bonds | 0021| authorized by this section when the superintendent of insurance certifies the need for issuance of | 0022| the bonds. The net proceeds from the sale of the bonds are appropriated to the department of | 0023| insurance for the purposes described in Subsection A of this section. | 0024| C. The proceeds from the surcharge shall be distributed monthly to the New | 0025| Mexico finance authority pursuant to Section 59A-6-1.1 NMSA 1978 to be pledged irrevocably | 0001| for the payment of the principal, interest and any other expenses or obligations related to the | 0002| bonds. | 0003| D. The surcharge proceeds distributed to the New Mexico finance authority shall | 0004| be deposited in a separate fund or account of the authority. At the end of each fiscal year, any | 0005| money remaining in the separate fund or account from distributions made to the authority during | 0006| that fiscal year, after all principal, interest and any other expenses or obligations related to the | 0007| bonds in that fiscal year are fully paid, may be appropriated by the legislature to the department | 0008| of insurance for acquisition of information and communication equipment, including computer | 0009| hardware and software. Upon payment of all principal, interest and any other expenses or | 0010| obligations related to the bonds, the authority shall certify to the department of insurance that all | 0011| obligations for the bonds issued pursuant to this section have been fully discharged and direct the | 0012| department to cease distributing money pursuant to Section 59A-6-1.1 NMSA 1978 to the | 0013| authority. | 0014| E. Any law authorizing the imposition or distribution of the surcharge or that | 0015| affects the surcharge shall not be amended, repealed or otherwise directly or indirectly modified | 0016| so as to impair any outstanding revenue bonds that may be secured by a pledge of the surcharge | 0017| collections, unless the revenue bonds have been discharged in full or provisions have been made | 0018| for a full discharge. | 0019| Section 4. EMERGENCY.--It is necessary for the public peace, health and safety | 0020| that this act take effect immediately. |