N.M. Admin. Code § 3.2.112.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 3.2.112.8 - PREMIUMS FROM BONDS & POLICIES

A. Receipts of insurance companies or any agent thereof from premiums for surety bonds or insurance policies are exempt under Section 7-9-24 NMSA 1978.

B. For purposes of Section 7-9-24 NMSA 1978, the term "insurance companies" includes:

(1) health maintenance organizations having a certificate of authority pursuant to the Health Maintenance Organization Law;

(2) nonprofit health care plans having a certificate of authority pursuant to the Nonprofit Health Care Plan Law;

(3) prepaid dental plans having a certificate of authority pursuant to the Prepaid Dental Plan Law; and

(4) prearranged funeral plans subject to the Prearranged Funeral Plan Regulatory Law.

C. For purposes of Section 7-9-24 NMSA 1978, the term "insurance companies" does not include motor clubs as defined in Section 59A-50-2 NMSA 1978.

D. For purposes of Section 7-9-24 NMSA 1978, receipts of insurance companies from premiums includes:

(1) health maintenance organization receipts which either are subject to the premium tax imposed by Section 59A-6-2 NMSA 1978 or are payments from the federal secretary of health and human services pursuant to a contract issued under the provisions of 42 U.S.C. Section 1395 mm(g);

(2) nonprofit health care plan receipts which are subject to the premium tax imposed by Section 59A-6-2 NMSA 1978;

(3) prepaid dental plan receipts which are subject to the premium tax imposed by Section 59A-6-2 NMSA 1978;

(4) prearranged funeral plan receipts which are subject to the premium tax imposed by Section 59A-6-2 NMSA 1978;

(5) premiums attributable to contracts purchased by the state or any of its political subdivisions whether or not the premiums are subject to premium tax; and

(6) such other receipts as are defined as premiums under the Insurance Code.

E. Section 3.2.112.8 NMAC applies to receipts from transactions occurring on or after January 1, 1992.

N.M. Admin. Code § 3.2.112.8

12/5/69, 3/9/72, 11/20/72, 3/20/74, 7/26/76, 6/18/79, 4/7/82, 5/4/84, 4/2/86, 11/26/90, 5/1/92, 11/15/96; 3.2.112.8 NMAC - Rn, 3 NMAC 2.24.8 & A, 5/15/01