A. Individuals, partnerships or associations of individuals, hereby designated underwriters, are authorized to make or write fire, theft, collision and comprehensive insurance on motor vehicles, on the Lloyds Plan, by executing articles of agreement expressing their purpose so to do and complying with the requirements of this article.
B. Insurers formed under this article are authorized to transact vehicle insurance as defined in Section 113 [ 59A-7-7 NMSA 1978] of the Insurance Code if they meet the capital fund requirements specified in Section 83 [ 59A-5-16 NMSA 1978] of the Insurance Code and other reasonably applicable requirements for domestic stock vehicle insurers formed and qualified under the Insurance Code.