§ 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; D. the premiums from each policy or plan issued or offered pursuant to the Minimum Healthcare Protection Act during the first three years of the issuance of the master policy or individual policy; and E. the money collected and placed in trust pursuant to Section 59A-49-6 NMSA 1978 .