reglab/housing_qa huggingface dataset:
NM Stat § 59A-8-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-2 - Assets not allowed.

A. In addition to assets impliedly excluded by provisions of Section 118 [59A-8-1 NMSA 1978] of this article, the following expressly shall not be allowed as assets in any determination of the financial condition of any insurer or fraternal benefit society: (1) goodwill, trade names and other like intangible assets; (2) advances to directors, officers, employees and agents (other than policy loans) whether secured or not, and advances to other persons on personal security only; (3) stock of such insurer, owned by it, or any equity therein or loans secured thereby, or any proportionate interest in such stock acquired or held through ownership by the insurer of an interest in another corporation or business unit; (4) furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literature and supplies (other than data processing, recordkeeping, accounting, word processing and electronic computer systems authorized under Subsection L of Section 118 [59A-8-1 NMSA 1978] of this article) except: (a) in the case of title insurers such materials and plants as the insurer is expressly authorized to carry as an asset under Subsection M of Section 118 [59A-8-1 NMSA 1978] of this article; and (b) in the case of any insurer or fraternal benefit society, such personal property as it is permitted to hold pursuant to Article 9 (investments) [Chapter 59A, Article 9 NMSA 1978] of the Insurance Code, or which is reasonably necessary for the maintenance or operation of real property lawfully acquired and held, other than real property used for home office, branch office and similar purposes; (5) the amount, if any, by which the aggregate book value of investments as carried in ledger assets exceeds the aggregate value thereof as determined under the Insurance Code. B. All nonadmitted assets and all other assets of doubtful value or character included as ledger or nonledger assets in any statement by an insurer or fraternal benefit society to the superintendent, or in any examiner's report to the superintendent, shall be reported, to the extent of the value disallowed, as deductions from gross assets except where the superintendent permits a reserve to be carried among liabilities in lieu of any such deductions. History: Laws 1984, ch. 127, § 119. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-8-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-3 - Disallowance of "wash" transactions.

A. The superintendent shall disallow as an asset or as a credit against liabilities of an insurer, any sale or transfer of property or accounts or any reinsurance found by him after a hearing thereon to have been arranged for the purpose principally of an apparent but temporary betterment as to the transferor, vendor or ceding insurer's financial condition as of the date of any financial statement of the insurer. Without limiting the general purport of the foregoing provision, transfer, sale or reinsurance contracted for in fact within six (6) months prior to the date of any such financial statement and reversed or cancelled in fact within six (6) months after the date of such statement, or reinsurance under which the reinsurer bears no substantial insurance risk or chance of net loss to itself, shall prime [prima] facie be deemed to have been arranged principally for the purpose of such apparent betterment. B. The superintendent shall disallow as an asset any deposit, funds or other property of the insurer found by him after a hearing thereon: (1) not to be in good faith the property of the insurer; and (2) if other than a deposit required to be made and held under or pursuant to statute, not freely subject to withdrawal or liquidation by the insurer at any time for payment or discharge of claims or other obligations arising under its policies; and (3) to be resulting from arrangements made principally for the purpose of such apparent betterment as to the insurer's financial condition as at the date of any financial statement of the insurer. C. The superintendent may suspend or revoke the certificate of authority of any insurer which has knowingly been party to any such transaction or attempt thereat. History: Laws 1984, ch. 127, § 120. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 59A-8-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-4 - Liabilities, in general.

In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: A. the amount of its capital stock outstanding, if any; B. the amount, estimated to be consistent with the provisions of the Insurance Code, necessary to pay all of its unpaid losses and claims incurred on or prior to date of the statement whether reported or unreported, together with the expense of adjustment or settlement thereof; C. as to life insurance policies and annuity contracts, and disability and accidental death benefits in or supplemental thereto: (1) the amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest and methods adopted pursuant to the Insurance Code which are applicable thereto; (2) reserves for disability benefits, for both active and disabled lives; (3) reserves for accidental death benefits; and (4) any additional reserves which may be required by the superintendent consistent with applicable customary and general practice in insurance accounting; D. as to health insurance policies, the reserves required under Section 59A-8-7 NMSA 1978; E. as to insurance other than referred to in Subsections C and D of this section, and other than title insurance, the amount of unearned premium reserves computed in accordance with Sections 59A-8-9 and 59A-8-10 NMSA 1978; F. taxes, expenses and other obligations due or accrued at date of the statement; and G. liability to agents for commissions contingent on collection of premium shall not be construed as a liability. History: Laws 1984, ch. 127, § 121; 1987, ch. 259, § 8. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-8-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-6 - Recompiled.

History: Laws 1984, ch. 127, § 123; 1993, ch. 320, § 21; recompiled and amended as 59A-8A-3 by Laws 2014, ch. 59, § 17. ANNOTATIONSRecompilations. — Laws 2014, ch. 59, § 17 recompiled and amended former 59A-8-6 NMSA 1978 as 59A-8A-3 NMSA 1978, effective January 1, 2017. See compiler's note below. Compiler's notes. — Pursuant to Laws 2014, ch. 59, § 55, the effective date of Laws 2014, ch. 59, §§ 15 through 27 was January 1, 2017. On June 30, 2016, the superintendent of insurance certified to the New Mexico compilation commission and the director of the legislative council service that: (1) the most recent version of the manual of valuation instructions adopted by the national association of insurance commissioners has been adopted by the national association of insurance commissioners by an affirmative vote of at least forty-two members or three-fourths of the members voting, whichever is greater; (2) the Standard Valuation Law of the national association of insurance commissioners, as amended in 2009, or legislation including substantially similar terms and provisions, has been enacted by states that collectively represent more than seventy-five percent of written direct premiums, as reported in the life, accident and health annual statements, the health annual statements and the fraternal annual statements submitted for 2008; and (3) the Standard Valuation Law of the national association of insurance commissioners, as amended in 2009, or legislation including substantially similar terms and provisions, has been enacted by at least forty-two of the following fifty-five jurisdictions: (a) the fifty states of the United States; (b) American Samoa; (c) the Virgin Islands of the United States; (d) the District of Columbia; (e) Guam; and (f) Puerto Rico.
NM Stat § 59A-8-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-7 - Recompiled.

History: 1978 Comp., § 59A-8-7, enacted by Laws 1993, ch. 320, § 22; recompiled and amended as 59A-8A-4 by Laws 2014, ch. 59, § 18. ANNOTATIONSRecompilations. — Laws 2014, ch. 59, § 18 recompiled and amended former 59A-8-7 NMSA 1978 as 59A-8A-4 NMSA 1978, effective January 1, 2017. See compiler's note below. Compiler's notes. — Pursuant to Laws 2014, ch. 59, § 55, the effective date of Laws 2014, ch. 59, §§ 15 through 27 was January 1, 2017. On June 30, 2016, the superintendent of insurance certified to the New Mexico compilation commission and the director of the legislative council service that: (1) the most recent version of the manual of valuation instructions adopted by the national association of insurance commissioners has been adopted by the national association of insurance commissioners by an affirmative vote of at least forty-two members or three-fourths of the members voting, whichever is greater; (2) the Standard Valuation Law of the national association of insurance commissioners, as amended in 2009, or legislation including substantially similar terms and provisions, has been enacted by states that collectively represent more than seventy-five percent of written direct premiums, as reported in the life, accident and health annual statements, the health annual statements and the fraternal annual statements submitted for 2008; and (3) the Standard Valuation Law of the national association of insurance commissioners, as amended in 2009, or legislation including substantially similar terms and provisions, has been enacted by at least forty-two of the following fifty-five jurisdictions: (a) the fifty states of the United States; (b) American Samoa; (c) the Virgin Islands of the United States; (d) the District of Columbia; (e) Guam; and (f) Puerto Rico.
NM Stat § 59A-8-7.1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-7.1 - Continued liability after assumption reinsurance transactions.

A ceding insurer shall remain jointly and severally liable with an unauthorized assuming insurer on ceded contracts or policies for which assumption certificates have been issued covering risks resident in this state until such time as: A. the assuming insurer obtains a certificate of authority to transact the applicable kind of insurance in this state; or B. the assuming insurer deposits with the superintendent a special deposit in an amount equal to the greater of: (1) one hundred thousand dollars ($100,000); or (2) twenty thousand dollars ($20,000) plus the statutory reserves required of an authorized insurer for the contracts assumed. History: 1978 Comp., § 59A-8-7.1, enacted by Laws 1993, ch. 320, § 23.
NM Stat § 59A-8-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-8 - Loss reserves.

A. Each authorized insurer shall maintain reserves in such amount as is requisite to cover losses and claims incurred and unpaid, together with related adjustment and settlement expense, whether reported or unreported as at financial statement date. In computing or approving such reserves the superintendent may estimate any portion which it is not practicable to compute accurately for [due to] failure to receive notice or otherwise. B. Whenever the loss and loss expense experience of an insurer shows that its loss reserves, however calculated, are inadequate, the superintendent may require the insurer to maintain additional reserves. History: Laws 1984, ch. 127, § 125. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and it is not part of the law.
NM Stat § 59A-8-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-9 - Unearned premium reserve, casualty, vehicle, property, marine and surety insurances.

As to property, casualty, vehicle and surety insurance, and marine and transportation insurance other than as provided in Section 59A-8-10 NMSA 1978, the insurer shall maintain as a liability an unearned premium reserve on policies in force computed as follows: fifty percent of the gross premium in force on policies having one year or less to run and pro rata on those for longer periods, or pro rata for all premiums in force. History: Laws 1984, ch. 127, § 126; 1997, ch. 121, § 4. ANNOTATIONSThe 1997 amendment, effective June 20, 1997, substituted "Section 59A-8-10 NMSA 1978" for "Section 127 of this article" and deleted the second sentence, which read: "As to surety risks the minimum unearned premium reserve shall be the aggregate of the net premiums for the entire term instead of the unexpired portion thereof".
NM Stat § 59A-8-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-10 - Unearned premium reserve, marine and transportation insurance.

As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be deemed unearned; and the superintendent may require the insurer to carry a reserve equal to one hundred percent of premiums on trip risks written during the month ended as of the date of statement. History: Laws 1984, ch. 127, § 127.
NM Stat § 59A-8-11 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-11 - Title insurance reserves.

A. As to title insurance the insurer shall set up and maintain unearned premium reserves as follows: (1) as to guaranties and policies on property in this state issued prior to January 1, 1957, the insurer shall reserve initially a sum equal to ten percent of gross premiums therefor. The sum so accumulated may be reduced by five percent thereof at the end of each calendar year thereafter; (2) as to guaranties and policies on property in this state issued on and after January 1, 1957, the insurer shall reserve initially a sum equal to ten percent of the gross risk premium therefor. At end of each calendar year following the year in which the guaranty or policy was issued the insurer may reduce the sum so reserved by five percent thereof. B. The sums so reserved initially, or maintained thereafter, in accordance with the above provisions shall be considered unearned portions of the gross risk premiums on such guaranties or policies and shall be shown as a liability of the insurer in determining its financial condition. C. If a title insurer on withdrawing from the title insurance business in this state desires to reinsure with another title insurer all its title guaranties or policies in this state, the superintendent may require the reinsurer to increase its unearned premium reserve by an amount not greater than the unearned premium reserve required of the withdrawing insurer as to the guaranties and policies so reinsured. D. The term "gross risk premium" as used in this action [section] shall not include charges for abstracting, record searching, escrow and closing services and other related services which may be provided by the insurer, or costs and expenses of examinations of title, or premiums paid for reinsurance. History: Laws 1984, ch. 127, § 128. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 62. 44 C.J.S. Insurance § 112.
NM Stat § 59A-8-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-12 - Mortgage guaranty contingency reserve.

A. Casualty or surety insurers insuring real property mortgage or deed of trust lenders against loss by nonpayment of the indebtedness shall maintain a contingency reserve for protection of policyholders against the effects of adverse economic cycles. B. The insurer shall contribute to such contingency reserve fifty percent of net premiums (gross premiums less premiums returned to policyholders) written on such insurance remaining after establishment of the unearned premium reserve. C. Subject to the superintendent's approval, the contingency reserve shall be available for payment of losses only when the insurer's incurred losses in any one (1) calendar year exceed the rate formula expected losses by ten percent of the related earned premiums. History: Laws 1984, ch. 127, § 129.
NM Stat § 59A-8-13 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-13 - Valuation of bonds.

A. Subject to the provisions of Subsections B, C and D of this section, all bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows: (1) if purchased at par, at the par value; and (2) if purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made. B. The purchase price shall in no event be taken at a higher figure than actual market value at time of purchase, plus incidental costs of acquisition of the securities. C. No such security shall be carried at above the call price for the entire issue during any period within which the security may be so called, and premiums paid at purchase shall be amortized by the scientific method to the first call date at which the entire issue may be redeemed. D. Obligations subject to amortization under the published findings of the national association of insurance commissioners shall be carried at their amortized values. Obligations which do not qualify for amortization shall be reported at their market value or book value based upon an amortized computation, whichever is lower. History: Laws 1984, ch. 127, § 130; 1987, ch. 259, § 9; 1993, ch. 320, § 24. ANNOTATIONSThe 1993 amendment, effective June 18, 1993, in Subsection A, added "Subject to the provisions of Subsections B, C, and D of this section" at the beginning of the subsection and deleted "or, in lieu of such method, according to such accepted method of valuation as the superintendent approves" at the end of Paragraph (2); and rewrote Subsections C and D.
NM Stat § 59A-8-14 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-14 - Valuation of other securities.

A. Common stocks shall be valued at their market value, as determined by customary method, or, at the option of the company, they may be carried at cost if cost is less than market value. If no publicly traded market quotation is available, the value of the stocks shall be based on the pro rata share of the issuing company's net worth as shown by its audited financial statements or, in the case of an insurance company, the pro rata share of its statutory net worth. B. Preferred stocks shall be valued in accordance with procedures promulgated periodically by the securities valuation office of the national association of insurance commissioners. C. Stock of an insurer's subsidiary shall be valued only on the basis of value of the assets of the subsidiary that would constitute lawful investments of the insurer if acquired or held directly by the insurer. History: 1978 Comp., § 59A-8-14, enacted by Laws 1993, ch. 320, § 25. ANNOTATIONSRepeals and reenactments. — Laws 1993, ch. 320, § 25 repealed former 59A-8-14 NMSA 1978, as enacted by Laws 1984, ch. 127, § 131, and enacted a new section, effective June 18, 1993.
NM Stat § 59A-8-15 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-15 - Valuation of property.

A. Real property held by a company may be valued at not more than: its cost plus the cost of capitalized additions and permanent improvements, less depreciation, or its fair market value as determined by appraisal within the most recent three years, whichever is less. Depreciation shall be computed under the straight line method or, at the option of the company, under any other method resulting in larger accumulated depreciation at any given time. Depreciation of any buildings shall be based upon an estimated useful life of not more than fifty years. B. Property acquired in satisfaction of a debt shall be valued at its fair market value or the amount of the debt, including capitalized taxes and expenses, whichever amount is less. History: 1978 Comp., § 59A-8-15, enacted by Laws 1993, ch. 320, § 26. ANNOTATIONSRepeals and reenactments. — Laws 1993, ch. 320, § 26 repealed former 59A-8-15 NMSA 1978, as enacted by Laws 1984, ch. 127, § 132, and enacted a new section, effective June 18, 1993.
NM Stat § 59A-8-16 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8 - Assets and Liabilities|Section 59A-8-16 - Valuation of purchase money mortgages.

Purchase money mortgages or deeds of trust on real property referred to in Subsection A of Section 132 [59A-8-15 NMSA 1978] of this article shall be valued in an amount not exceeding acquisition cost of the real property covered thereby or ninety percent of the fair value of the real property, whichever is less. History: Laws 1984, ch. 127, § 133.
NM Stat § 59A-8A-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 8A - Standard Valuation|Section 59A-8A-1 - Short title.

Chapter 59A, Article 8A NMSA 1978 may be cited as the "Standard Valuation Law". History: 1978 Comp., § 59A-8A-1, enacted by Laws 2014, ch. 59, § 15. ANNOTATIONSCompiler's notes. — Pursuant to Laws 2014, ch. 59, § 55, the effective date of Laws 2014, ch. 59, §§ 15 through 27 was January 1, 2017. On June 30, 2016, the superintendent of insurance certified to the New Mexico compilation commission and the director of the legislative council service that: (1) the most recent version of the manual of valuation instructions adopted by the national association of insurance commissioners has been adopted by the national association of insurance commissioners by an affirmative vote of at least forty-two members or three-fourths of the members voting, whichever is greater; (2) the Standard Valuation Law of the national association of insurance commissioners, as amended in 2009, or legislation including substantially similar terms and provisions, has been enacted by states that collectively represent more than seventy-five percent of written direct premiums, as reported in the life, accident and health annual statements, the health annual statements and the fraternal annual statements submitted for 2008; and (3) the Standard Valuation Law of the national association of insurance commissioners, as amended in 2009, or legislation including substantially similar terms and provisions, has been enacted by at least forty-two of the following fifty-five jurisdictions: (a) the fifty states of the United States; (b) American Samoa; (c) the Virgin Islands of the United States; (d) the District of Columbia; (e) Guam; and (f) Puerto Rico. 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.