N.M. Admin. Code § 13.2.2.16

Current through Register Vol. 35, No. 21, November 5, 2024

Section 13.2.2.16 - FORM E

A.When required: If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition pursuant to Subsection A of Section 59A-37-4 NMSA 1978, that person shall file a pre-acquisition notification using Form E, which was developed pursuant to Paragraph (1) of Subsection C Section 59A-37-29 NMSA 1978.

Additionally, if a non-domiciliary insurer licensed to do business in New Mexico is proposing a merger or acquisition pursuant to Section 59A-37-4 NMSA 1978, that person shall file a pre-acquisiton notification using Form E. No pre-acquisition notification form need be filed if the acquisition is beyond the scope of Section 59A-37-4 NMSA 1978 as set forth in Subsection B of Section 59A-37-29 NMSA 1978,

In addition to the information required by Form E, the superintendent may require an expert opinion as to the competitive impact of the proposed acquisition.

B.Information to be furnished in Form E:

(1)Caption: Place the following caption at the top of the cover page:

FORM E

PRE-ACQUISITION NOTIFICATION REGARDING THE POTENTIAL COMPETITIVE IMPACT OF A PROPOSED MERGER OR ACQUISITION BY A NON-DOMICILIARY INSURER DOING BUSINESS IN NEW MEXICO OR BY A DOMESTIC INSURER

(2)Applicant: State the name of the acquiring or merging person.

(3)Other person involved in merger or acquisition: State the name of the other person involved in the merger or acquisition.

(4)Date: Provide the filing date of the statement.

(5)Designation of agent: State the name, title, address and telephone number of the individual to whom notices and correspondences concerning this statement should be addressed.

(6)Identity of person's involved: State the names and addresses of the person's who hereby provide notice of their involvement in a pending acquisition or change in corporate control.

(7)Identity of person's affiliated with person's involved: State the names and addresses of the person's affiliated with those listed in Item (6). Describe their affiliations.

(8)Nature and purpose of proposed merger or acquisition: State the nature and purpose of the proposed merger or acquisition.

(9)Nature of business: State the nature of the business performed by each of the person's identified in Paragraphs (6) and (7) of Subsection B of 13.2.2.16 NMAC.

(10)Market and market share:

(a) For purposes of this question, market means direct written insurance premium in New Mexico for a line of business as contained in the annual statement required to be filed by insurer's licensed to do business in this state.

(b) For each person identified in Paragraphs (6) and (7) of Subsection B of 13.2.2.16 NMAC, state specifically what market and market share in each relevant insurance market the person's currently enjoy in New Mexico and provide historical market and market share data for the past five years including the source of such data.

(c) Provide a determination as to whether the proposed acquisition or merger, if consummated, would violate the competitive standards of New Mexico as stated in Section 59A-37-29 NMSA 1978. If the proposed acquisition or merger would violate competitive standards, provide justification that the acquisition or merger would not substantially lessen competition or create a monopoly in New Mexico.

N.M. Admin. Code § 13.2.2.16

7-1-97 Recompiled 11/30/01, Adopted by New Mexico Register, Volume XXIX, Issue 14, July 24, 2018, eff. 7/24/2018, Amended by New Mexico Register, Volume XXXI, Issue 18, September 29, 2020, eff. 10/1/2020