Upon the liquidation of a domestic reciprocal insurer, its assets remaining after the discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus, and the return of any unused premiums, savings or credits then standing on subscribers' accounts shall be distributed to its subscribers who were such within the twelve (12) months prior to the last termination of its certificate of authority, according to such reasonable formula as the superintendent may approve.
§ 59A-39-24 NMSA 1978
Subscribers' share in assets
Applied in 1 court decision — leading case 328 N.J. Super. 344 - In Re Reorganization of Medical Inter-Insurance Exchange of New Jersey (2000)
Most recently applied in 328 N.J. Super. 344 - In Re Reorganization of Medical Inter-Insurance Exchange of New Jersey (February 2000)
Laws 1984, ch. 127, § 681.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.