reglab/housing_qa huggingface dataset:
NM Stat § 59A-36-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 36 - Insider Trading in Equity Security of Domestic Insurer|Section 59A-36-3 - Recovery of profits.

For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of his relationship to such insurer, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of such insurer within any period of less than six (6) months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the insurer, irrespective of any intention on the part of such beneficial owner, director or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six (6) months. Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the insurer, or by the owner of any security of the insurer or by the superintendent in the name and in behalf of the insurer if the insurer shall fail or refuse to bring such suit within sixty (60) days after request or shall fail diligently to prosecute the same thereafter; but no such suit shall be brought more than two (2) years after the date such profit was realized. This section shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase of the security involved, or any transaction or transactions which the superintendent by rules and regulations may exempt as not comprehended within the purpose of this section. History: Laws 1984, ch. 127, § 610. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — Proper measure and elements of recovery for insider shortswing transaction, 86 A.L.R. Fed. 16.
NM Stat § 59A-36-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 36 - Insider Trading in Equity Security of Domestic Insurer|Section 59A-36-4 - Sale and delivery.

No such beneficial owner, director or officer shall directly or indirectly sell any equity security of such insurer if the person selling the security or his principal: A. does not own the security sold; or B. if owning the security, does not deliver it against such sale within twenty (20) days thereafter, or does not within five (5) days after such sale deposit it in the mails or other usual channels of transportation; but no person shall be deemed to have violated this section if he proves that notwithstanding the exercise of good faith he was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense. History: Laws 1984, ch. 127, § 611.
NM Stat § 59A-36-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 36 - Insider Trading in Equity Security of Domestic Insurer|Section 59A-36-5 - Sales by dealers.

Section 610 [59A-36-3 NMSA 1978] (recovery of profits) of this article shall not apply to any purchase and sale, or sale and purchase, and Section 611 [59A-36-4 NMSA 1978] (sale and delivery) of this article shall not apply to any sale, of any equity security of a domestic stock insurer not then or theretofore held by him in an investment account, by a dealer in the ordinary course of his business and incident to the establishment or maintenance by him of a primary or secondary market (otherwise than on an exchange as defined in the Securities Exchange Act of 1934) for such security. The superintendent may, by such rules and regulations as he deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market. History: Laws 1984, ch. 127, § 612. ANNOTATIONSCross references. — For the Securities Exchange Act of 1934, see 15 U.S.C. § 78a et seq.
NM Stat § 59A-36-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 36 - Insider Trading in Equity Security of Domestic Insurer|Section 59A-36-6 - Arbitrage transactions.

This article shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the superintendent may adopt in order to carry out the purposes of this article. History: Laws 1984, ch. 127, § 613.
NM Stat § 59A-36-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 36 - Insider Trading in Equity Security of Domestic Insurer|Section 59A-36-7 - Exemptions.

Sections 609 [59A-36-2 NMSA 1978] (ownership statements - filing), 610 [59A-36-3 NMSA 1978] (recovery of profits) and 611 [59A-36-4 NMSA 1978] (sale and delivery) of this article shall not apply to equity securities of a domestic stock insurer if: A. such securities are registered, or are required to be registered, pursuant to Section 12 of the Securities Exchange Act of 1934; or if B. such domestic insurer does not have any class of its equity securities held of record by one hundred (100) or more persons on the last business day of the year next preceding the year in which equity securities of the insurer would be subject to those provisions of this article referred to above except for the provisions of this Subsection B. History: Laws 1984, ch. 127, § 614. ANNOTATIONSCross references. — For Section 12 of the Securities Exchange Act of 1934, see 15 U.S.C. § 78l.
NM Stat § 59A-36-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 36 - Insider Trading in Equity Security of Domestic Insurer|Section 59A-36-8 - Regulations.

The superintendent may make such rules and regulations as he deems advisable for execution of functions vested in him under this article, and may for such purpose classify domestic stock insurers, securities and other persons or matters within his jurisdiction. History: Laws 1984, ch. 127, § 615.
NM Stat § 59A-37-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-1 - Short title.

Chapter 59A, Article 37 NMSA 1978 may be cited as the "Insurance Holding Company Law". History: Laws 1984, ch. 127, § 616; 2014, ch. 59, § 28. ANNOTATIONSThe 2014 amendment, effective July 1, 2014, added the NMSA chapter and article for the Insurance Holding Company Act; and at the beginning of the sentence, deleted "This article" and added "Chapter 59A, Article 37 NMSA 1978". Severability. — Laws 2014, ch. 59, § 54 provided that if any part or application of the provisions of Laws 2014, ch. 59 is held invalid, the remainder or its application to other situations or persons shall not be affected. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Corporations § 35.
NM Stat § 59A-37-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-7 - Mailings to shareholders; expenses.

All statements, amendments or other material filed pursuant to Section 619 or 620 [59A-37-4 or 59A-37-5 NMSA 1978] of this article, and all notices of public hearings held pursuant to Section 621 [59A-37-6 NMSA 1978] of this article shall be mailed by the insurer to its shareholders within five (5) days after the insurer has received such statements, amendments, other material or notices. The expenses of mailing shall be borne by the person making the filing. As security for the payment of the expenses, the person shall file with the superintendent an acceptable bond or other deposit in an amount to be determined by the superintendent. History: Laws 1984, ch. 127, § 622.
NM Stat § 59A-37-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-8 - Exemptions.

Sections 619 through 621 [59A-37-4 to 59A-37-6 NMSA 1978] of this article shall not apply to: A. any transaction which is subject to the provisions of Sections 582 and 585 [59A-34-36 and 59A-34-39 NMSA 1978] of the Insurance Code dealing with the merger, consolidation or conversion of insurers; or B. any offer, request, invitation, agreement or acquisition which the superintendent by order shall exempt therefrom as: (1) not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer; or (2) as otherwise not comprehended within the purpose of Sections 619 through 621 of this article. History: Laws 1984, ch. 127, § 623.
NM Stat § 59A-37-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-9 - Violations.

A. The following acts shall be violations of Sections 59A-37-4 through 59A-37-6 NMSA 1978: (1) the failure to file any statement, amendment or other material required to be filed pursuant to Section 59A-37-4 or 59A-37-5 NMSA 1978; or (2) the effectuation or any attempt to effectuate an acquisition of control of a domestic insurer unless the superintendent has given approval to it. B. The failure to timely file a registration statement, a summary of the registration statement or an enterprise risk filing required by Sections 59A-37-11 through 59A-37-19.2 NMSA 1978 and Section 59A-37-30 NMSA 1978 is a violation of Sections 59A-37-11 through 59A-37-19.2 NMSA 1978 and Section 59A-37-30 NMSA 1978. History: Laws 1984, ch. 127, § 624; 2014, ch. 59, § 34. ANNOTATIONSThe 2014 amendment, effective July 1, 2014, provided that failure to file a registration statement, a summary of a registration statement, or an enterprise risk filing is a violation of the Insurance Holdings Company Law; in Subsection A, after "Sections", deleted "619 through 621 of this article" and added "59A-37-4 through 59A-37-6 NMSA 1978"; in Subsection A, Paragraph (1), after "filed pursuant to", deleted "Sections 619 or 620 of this article" and added "Sections 59A-37-4 or 59A-37-5 NMSA 1978"; and added Subsection B. Severability. — Laws 2014, ch. 59, § 54 provided that if any part or application of the provisions of Laws 2014, ch. 59 is held invalid, the remainder or its application to other situations or persons shall not be affected. Am. Jur. 2d, A.L.R. and C.J.S. references. — 44 C.J.S. Insurance §§ 96, 97.
NM Stat § 59A-37-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-10 - Jurisdiction; consent to service of process.

The courts of this state are hereby vested with jurisdiction over any person not resident, domiciled or authorized to do business in this state, who files a statement with the superintendent under Sections 619 through 622 [59A-37-4 to 59A-37-7 NMSA 1978] of this article, and over all actions involving such person arising out of violations of such sections, and each such person shall be deemed to have performed acts equivalent to and constituting an appointment by such person of the superintendent to be his true and lawful attorney upon whom may be served all lawful process in any action, suit or proceeding arising out of a violation of such sections. Copies of all such lawful process shall be served on the superintendent and transmitted by registered or certified mail by the superintendent to such person at his address last of record with the superintendent. Service of process fee shall be paid at time of service on the superintendent in amount specified in Section 101 [59A-6-1 NMSA 1978] (fee schedule) of the Insurance Code. History: Laws 1984, ch. 127, § 625. ANNOTATIONSCross references. — For New Mexico's "long-arm" statute, see 38-1-16 NMSA 1978.
NM Stat § 59A-37-11 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-11 - Registration of insurer member of holding company system.

A. Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the superintendent, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in: (1) Sections 59A-37-11 through 59A-37-19.2 NMSA 1978; (2) Subsection A of [Section] 59A-37-20 NMSA 1978; (3) Sections 59A-37-21 and 59A-37-22 NMSA 1978; and (4) either: (a) Subsection B of Section 59A-37-20 NMSA 1978; or (b) a provision requiring each registered insurer to keep current the information required to be disclosed in its registration statement by reporting all material changes or additions within fifteen days after the end of the month in which it learns of each change or addition. B. Any insurer which is subject to registration under this section shall register within fifteen days after it becomes subject to registration, and annually thereafter by the fifteenth day of April each year, unless the superintendent for good cause shown extends the time for registration, and then within such extended time. The superintendent may require any authorized insurer which is a member of a holding company system and which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by such insurer with the insurance regulatory authority of its domiciliary jurisdiction. History: Laws 1984, ch. 127, § 626; 1993, ch. 320, § 76. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and it is not part of the law. The 1993 amendment, effective June 18, 1993, added the subsection designations; substituted the language following "similar to those contained in" for "Section 626 through 634 of this article" at the end of Subsection A; in Subsection B, in the first sentence, inserted "under this section" and "and annually thereafter by the fifteenth day of April each year", inserted "under this section" in the second sentence, and made minor stylistic changes throughout the subsection.
NM Stat § 59A-37-13 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-13 - Materiality.

No information need be disclosed on the registration statement filed pursuant to Sections 59A-37-4 and 59A-37-5 NMSA 1978 if such information is not material for the purposes of Sections 59A-37-1 through 59A-37-19 NMSA 1978. Unless the superintendent by rule, regulation or order provides otherwise, sales, purchases, exchanges, loans or extensions of credit, investments or guarantees involving one-half of one percent or less of an insurer's admitted assets as of the most recent December 31 shall not be deemed material for the purposes of such section. History: Laws 1984, ch. 127, § 628; 2014, ch. 59, § 36. ANNOTATIONSThe 2014 amendment, effective July 1, 2014, provided that guarantees of one-half percent or less of admitted assets are not material; in the first sentence, after "filed pursuant to Sections", deleted "619 and 620 of this article" and added "59A-37-4 and 59A-37-5 NMSA 1978", and after "for the purposes of", deleted "Section 626 through 634 of this article" and added "Sections 59A-37-11 through 59A-37-19 NMSA 1978", and in the second sentence, after "investments", added "or guarantees", and after "admitted assets as of", added "the most recent", and after "December 31", deleted "next preceding". Severability. — Laws 2014, ch. 59, § 54 provided that if any part or application of the provisions of Laws 2014, ch. 59 is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-37-14 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-14 - Summary of registration.

All registration statements shall contain a summary outlining all items in the current registration statement representing changes from the prior registration statement. History: 1978 Comp., § 59A-37-14, enacted by Laws 1993, ch. 320, § 78. ANNOTATIONSRepeals and reenactments. — Laws 1993, ch. 320, § 78 repealed former 59A-37-14 NMSA 1978, as enacted by Laws 1984, ch. 127, § 629, relating to amendments to registration statements, and enacted a new section, effective June 18, 1993.
NM Stat § 59A-37-15 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-15 - Termination of registration.

The superintendent shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system. History: Laws 1984, ch. 127, § 630.
NM Stat § 59A-37-16 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-16 - Consolidated filing.

The superintendent may require or allow two or more affiliated insurers subject to registration to file a consolidated registration statement. History: Laws 1984, ch. 127, § 631; 1993, ch. 320, § 79. ANNOTATIONSThe 1993 amendment, effective June 18, 1993, deleted "or consolidated reports amending their consolidated registration statement or their individual registration statements" at the end of the section and made a stylistic change.
NM Stat § 59A-37-17 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-17 - Alternative registration.

The superintendent may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under Section 626 [59A-37-11 NMSA 1978] of this article, and to file all information and material required to be filed under Sections 626 through 634 [59A-37-11 to 59A-37-19 NMSA 1978] of this article. History: Laws 1984, ch. 127, § 632.
NM Stat § 59A-37-18 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-18 - Registration exemptions.

Sections 59A-37-11 through 59A-37-19.2 NMSA 1978 shall not apply to any insurer, information or transaction if and to the extent that the superintendent by rule, regulation or order shall exempt the same from the provisions of such sections. History: Laws 1984, ch. 127, § 633; 1993, ch. 320, § 80. ANNOTATIONSThe 1993 amendment, effective June 18, 1993, substituted "Sections 59A-37-11 through 59A-37-19.2 NMSA 1978" for "Sections 626 through 634 of this article" at the beginning of the section.
NM Stat § 59A-37-19 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-19 - Disclaimer.

Any person may file with the superintendent a disclaimer of affiliation with any authorized insurer or a disclaimer may be filed by the authorized insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming an affiliation. After a disclaimer has been filed, the insurer shall be relieved of any duty to register or report that may arise out of the insurer's relationship with the person unless and until the superintendent, within thirty days after the receipt of a complete disclaimer, disallows the disclaimer. The superintendent shall disallow such a disclaimer only after furnishing all parties in interest with notice and opportunity to be heard and after making specific findings of fact to support the disallowance. History: Laws 1984, ch. 127, § 634; 2014, ch. 59, § 37. ANNOTATIONSThe 2014 amendment, effective July 1, 2014, provided a thirty day period in which the superintendent may disallow a disclaimer; in the third sentence, after "until the superintendent", added "within thirty days after the receipt of a complete disclaimer". Severability. — Laws 2014, ch. 59, § 54 provided that if any part or application of the provisions of Laws 2014, ch. 59 is held invalid, the remainder or its application to other situations or persons shall not be affected.
NM Stat § 59A-37-19.1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-19.1 - Reporting of dividends to shareholders.

Subject to the provisions of Section 59A-37-22 NMSA 1978, each registered insurer shall report to the superintendent all dividends and other distributions to shareholders within fifteen business days following the declaration thereof. History: 1978 Comp., § 59A-37-19.1, enacted by Laws 1993, ch. 320, § 81.
NM Stat § 59A-37-19.2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-19.2 - Information of insurers.

Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to an insurer, where such information is reasonably necessary to enable the insurer to comply with the provisions of Chapter 59A, Article 37 NMSA 1978. History: 1978 Comp., § 59A-37-19.2, enacted by Laws 1993, ch. 320, § 82.
NM Stat § 59A-37-21 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-21 - Adequacy of surplus.

For the purpose of this article, in determining whether an insurer's surplus as regards policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered: A. the size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force and other appropriate criteria; B. the extent to which the insurer's business is diversified among the several lines of insurance; C. the number and size of risks insured in each line of business; D. the extent of the geographical dispersion of the insurer's insured risks; E. the nature and extent of the insurer's reinsurance program; F. the quality, diversification and liquidity of the insurer's investment portfolio; G. the recent past and projected future trend in the size of the insurer's surplus as regards policyholders; H. the surplus as regards policyholders maintained by other comparable insurers; I. the adequacy of the insurer's reserves; and J. the quality and liquidity of investments in subsidiaries made pursuant to Section 145 [59A-9-12 NMSA 1978] of the Insurance Code. The superintendent may treat any such investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever in his judgment such investment warrants. History: Laws 1984, ch. 127, § 636.
NM Stat § 59A-37-28 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 37 - Insurance Holding Companies|Section 59A-37-28 - Suspension, revocation, noncontinuance of certificate of authority.

Whenever it appears to the superintendent that any person has violated a provision of Chapter 59A, Article 37 NMSA 1978 which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the superintendent may, after giving notice and an opportunity to be heard, suspend, revoke or refuse to continue the insurer's certificate of authority to do business in this state for such period as he finds necessary for protection of policyholders or the public. Any such order shall be accompanied by specific findings of fact and conclusions of law. History: Laws 1984, ch. 127, § 643; 1993, ch. 320, § 89. ANNOTATIONSThe 1993 amendment, effective June 18, 1993, substituted "Chapter 59A, Article 37 NMSA 1978 which" for "this article and which" in the first sentence; and substituted "order" for "determination" in the second sentence. Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 57. 44 C.J.S. Insurance §§ 96, 97.