NMSA 1978, § 7-40-5 — Exemptions

Exempted from the taxes imposed pursuant to the Insurance Premium Tax Act are:

# A.

premiums attributable to insurance or contracts purchased by the state or a
political subdivision for the state's or political subdivision's active or retired employees;

# B.

payments received by a health maintenance organization from the federal
secretary of health and human services pursuant to a risk-sharing contract issued under
the provisions of 42 U.S.C. Section 1395mm(g);

# C.

any business transacted pursuant to the provisions of the Service Contract
Regulation Act [Chapter 59A, Article 58 NMSA 1978];

# D.

the money collected and placed in trust pursuant to Section 59A-49-6 NMSA
1978; and

# E.

premiums from supplemental health care plans issued by an insurer that has
been granted exemption from the federal income tax by the United States commissioner
of internal revenue as an organization described in Section 501(c)(3) of the United
States Internal Revenue Code of 1986, as amended or renumbered.