Section 59A-9-1 – Scope.
This article [Chapter 59A, Article 9 NMSA 1978], with exception of Section 160 [59A-9-27 NMSA 1978], applies only to domestic insurers. History: Laws 1984, ch. 127, § 134.
Section 59A-9-10 – Common stocks.
A. An insurer may invest in nonassessable (except as to bank or trust company stocks, and except for taxes) common stocks, other than insurance stocks, of any solvent corporation organized and existing under the laws of the United States or Canada, or of any state or province thereof, which has been in existence and active […]
Section 59A-9-11 – Insurance stocks.
A. An insurer may invest in the stocks of other solvent insurers formed under the laws of this or another state, which stocks meet the applicable requirements of Section 142 [59A-9-9 NMSA 1978] (preferred or guaranteed stocks) or 143 [59A-9-10 NMSA 1978] (common stocks) of this article. B. With the superintendent’s advance written consent an […]
Section 59A-9-12 – Investments in subsidiaries.
A. An insurer either by itself or in cooperation with one or more other business entities, may organize or acquire one or more subsidiaries engaged or to be engaged in any of the following businesses: (1) an insurance business authorized by the jurisdiction in which the subsidiary is incorporated; (2) acting as insurance producer for […]
Section 59A-9-13 – Common trust funds, mutual funds.
A. An insurer may invest in: (1) a bank’s common trust fund as defined in Section 584 of the United States Internal Revenue Code of 1954; and (2) the securities of any open-end or closed-end management type investment company or investment trust registered under the federal Investment Company Act of 1940, as from time to […]
Section 59A-9-14 – Equipment trust certificates.
An insurer may invest in equipment trust obligations or certificates adequately secured and evidencing an interest in transportation equipment, wholly or in part within or principally based within, the United States or Canada, which obligations or certificates carry the right to receive determined portions of rental, purchase or other fixed obligatory payments to be made […]
Section 59A-9-15 – Policy loans.
A life insurer may lend to its policyholder or annuity contract holder, upon pledge of the policy or contract as collateral security, any sum not exceeding the cash surrender value of the policy or contract, or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligations, so long […]
Section 59A-9-16 – Collateral loans.
An insurer may invest in loans secured by deposits of collateral consisting of securities in which the insurer may otherwise invest under this article, if the current market value of such collateral is not less than twenty percent in excess of the amount of the loan. The amount so loaned shall be included pro rata […]
Section 59A-9-17 – Savings and share accounts, time certificates.
An insurer may invest in share or savings accounts of state or federal savings and loan or building and loan associations, or in time certificates issued by any such association, and in any one such institution only to the extent that the investment is insured by the Federal Savings and Loan Insurance Corporation or similar […]
Section 59A-9-18 – Miscellaneous investments.
A. An insurer may make loans or investments not otherwise expressly permitted under this article, in an aggregate amount not exceeding five percent of the insurer’s assets and not exceeding one percent of such assets as to any one such loan or investment, if the loan or investment meets the requirements of Section 136 [59A-9-3 […]
Section 59A-9-19 – Special investments of separate account funds.
The amounts allocated to each separate account established with respect to variable life insurance and variable annuity contracts shall be invested and, together with the accumulations thereon reinvested, as provided for by the respective such contracts and in accordance with the provisions of Section 395 [59A-20-30 NMSA 1978] of the Insurance Code. History: Laws 1984, […]
Section 59A-9-2 – Eligible investments.
A. Insurers shall invest in or lend their funds on security of, and shall hold as invested assets, only eligible investments as prescribed in this article. B. Any particular investment held by an insurer on effective date of the Insurance Code, which was a legal investment at time made and which the insurer was legally […]
Section 59A-9-20 – Special investments of title insurers.
A. A title insurer having paid-in capital stock paid in cash of not less than one hundred thousand dollars ($100,000), may invest an amount not exceeding fifty percent of its subscribed capital stock, or paid-in basic capital surplus if a mutual insurer, in preparation and purchase of materials or plant necessary to enable it to […]
Section 59A-9-21 – Real property.
A. An insurer may invest in real estate only if used for the purposes or acquired in the manner and within limits as follows: (1) the building in which the insurer has its principal office and the land on which it stands, if the land is owned by the insurer or occupied under lease the […]
Section 59A-9-22 – Real estate mortgages, deeds of trust.
A. An insurer may invest in bonds or notes secured by mortgages or deeds of trust representing first liens upon unencumbered and improved real estate located in this or another state, or in Canada, subject to the following conditions: (1) the amount loaned, or aggregate amount of bonds issued upon the security of a mortgage […]
Section 59A-9-23 – Time limit for disposal of real property.
A. Except as stated in Subsection B, or unless the insurer elects to hold the real estate as an investment under Paragraph A(7) of Section 154 [59A-9-21 NMSA 1978] of this article: (1) an insurer shall dispose of real estate acquired under Paragraph A(1) of Section 154 of this article within five (5) years after […]
Section 59A-9-24 – Time limit for disposal of other ineligible property and securities.
Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at time of acquisition shall be disposed of by the insurer within three (3) years from date of acquisition unless within such period the property or security has attained to the status […]
Section 59A-9-25 – Failure to dispose of property or securities; effect; penalty.
A. Any property or securities lawfully acquired, and held by an insurer after expiration of the period for disposal thereof and any extension of such period granted by the superintendent as provided in Sections 156 and 157 [59A-9-23 and 59A-9-24 NMSA 1978] of this article, shall not be allowed as an asset of the insurer. […]
Section 59A-9-26 – Prohibited investments and investment underwriting.
A. In addition to investments excluded pursuant to other provisions of the Insurance Code, an insurer shall not acquire, invest in or lend upon the security of: (1) issued shares of its own capital stock, except as provided in Section 568 [59A-34-22 NMSA 1978] of the Insurance Code (purchase of own shares by stock insurer). […]
Section 59A-9-27 – Investments of foreign insurers.
The investment portfolio of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially equal to that required under this article for similar funds of like domestic insurers. History: Laws 1984, ch. 127, § 160.