reglab/housing_qa huggingface dataset:
NM Stat § 59A-35-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-4 - "Affiliate" defined.

For the purposes of this article an "affiliate" is a person controlling or controlled by or under common control with an insurer or issuer of securities. History: Laws 1984, ch. 127, § 593.
NM Stat § 59A-35-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-5 - "Promoter" defined.

For the purposes of this article a "promoter" is any person who, acting alone or with others, initiates or participates in founding an insurer or organization to acquire financial interest in or to finance, manage or control an insurer, other than as policyholder. History: Laws 1984, ch. 127, § 594.
NM Stat § 59A-35-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-6 - Registration of security; permit required.

No person shall sell or offer for sale in this state any security not exempt under Section 596 [59A-35-7 NMSA 1978] of this article, unless registered with the superintendent, covered by a subsisting securities permit issued by the superintendent and otherwise in compliance with requirements of this article. History: Laws 1984, ch. 127, § 595. ANNOTATIONSCross references. — For treatment of investment securities in the Uniform Commercial Code, see 55-8-101 to 55-8-511 NMSA 1978. Compiler's notes. — The annotations appearing below were abstracted from attorney general opinions decided under the prior Sale of Insurance Securities Act (former 59-13-1 NMSA 1978 et seq.). Legislative intent. — The legislative intention was to preclude the sale of insurance securities to New Mexico residents by persons not licensed by the New Mexico superintendent of insurance where any portion of the negotiation took place in New Mexico. 1962 Op. Att'y Gen. No. 62-57. Sales outside state. — As to sales consummated outside the state, the governing language is that portion of this section which provides that no unlicensed person shall "sell or propose to sell to the public in this state" any insurance securities. 1962 Op. Att'y Gen. No. 62-57. Complete regulation of insurance securities for superintendent. — An analysis of the Securities Act (former 58-13-1 NMSA 1978 et seq.) and this act (former 59-13-1 NMSA 1978 et seq.) leads to the conclusion that the legislature intended for the superintendent of insurance to have complete regulation over the sale of insurance company securities. 1969 Op. Att'y Gen. No. 69-97. Dealers and salesmen to be licensed. — A person licensed to sell insurance securities under this act (former 59-13-1 NMSA 1978 et seq.) does not have to be registered under the Securities Act (now see 58-13B-1 NMSA 1978, et seq.) in order to sell this particular type of securities. 1962 Op. Att'y Gen. No. 62-57. Since this statute (former 59-13-2 NMSA 1978) obviously covers all types of insurance company stocks and securities, the dealer and salesmen who sell insurance securities must be licensed by the superintendent of insurance. 1962 Op. Att'y Gen. No. 62-57.
NM Stat § 59A-35-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-7 - Exemptions.

No such registration or permit shall be required as to: A. isolated sales of securities in private transactions, whether or not effected through a broker-dealer; B. non-issuer distribution of an outstanding security by a registered broker-dealer; C. transactions in due and regular discharge of responsibilities and duties by an executor, administrator, sheriff, marshal, receiver, trustee in bankruptcy, guardian or conservator; D. securities distributed to existing holders of securities of the distributing entity as a dividend, stock split or reverse stock split, paid in whole or in part in such distributed securities; E. securities distributed to existing holders of securities of the distributing entity without payment of additional consideration pursuant to a right of conversion, or exchange, or pursuant to reclassification, recapitalization, reorganization, sale of assets, or liquidation of the distributing entity; F. offer and sale of securities by a newly-formed domestic corporation not involving a public offering and so offered and sold to not over twenty-five (25) persons if: (1) upon completion of such offering and sale the domestic corporation has not in excess of twenty-five (25) security holders; (2) all purchasers of the securities do so for investment purposes only and not with a view to further distribution, and so declare in writing to the domestic corporation; (3) no commission or other compensation is paid or to be paid in connection with any such sale; and (4) prior to any such offer and sale the domestic corporation files with the superintendent in writing the plan, purposes, and manner of conduct of the proposed offer and sale, uses to be made of proceeds thereof, and information in writing proposed to be given offerees, and such filing is not disapproved by the superintendent within twenty (20) days after filing. The superintendent may disapprove the filing upon reasonable grounds. Failure of the superintendent so to disapprove shall not be deemed, inferred, or represented to be an approval of the proposal; G. sales of securities by an insurance holding corporation for purposes which do not include the financing, directly or indirectly, of an insurer; H. securities issued or proposed to be issued pursuant to any merger, consolidation, bulk reinsurance, conversion, or mutualization approved by the superintendent under Article 34 [Chapter 59A, Article 34 NMSA 1978] (domestic stock and mutual insurers) of the Insurance Code; or I. fractional share interests in stock of the issuer offered and sold for purpose of rounding out to whole shares in connection with any stock dividend or other distribution of shares to existing security holders of the issuer. History: Laws 1984, ch. 127, § 596.
NM Stat § 59A-35-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-8 - Registration procedure.

A. The person desiring to register a security under this article shall file with the superintendent a registration statement in form as prescribed and furnished by the superintendent appropriate to the proposed offering. In prescribing the registration statement form the superintendent shall give due consideration to the circumstances of the offering, whether by a newly-formed domestic corporation or entity, whether covered by registration or other appropriate filing with the Securities and Exchange Commission under which an offering may be made of the securities, and to practices of administrators of state laws governing offer and sale of corporate securities relative to registration by coordination, or qualification, or upon notification. B. As to registrants in general the registration statement and documents required to be filed therewith may, and as to newly-formed proposed insurers or newly-formed entities shall, require disclosure of: (1) name and address of proposed issuer, business in which engaged or to engage, business history and financial condition; (2) name and residence address of each promoter, director, officer and other management personnel and ultimate controlling stockholder or owner of the issuer, insurer or registrant, together with business experience, biographical information and proof of identity; (3) affiliates, if any, of registrant or issuer, business in which engaged, financial condition, and material arrangements and transactions between such affiliates and registrant or issuer; (4) use to be made of proceeds of proposed sale of securities; (5) underwriting arrangements, if any, of the securities, or plan under which securities are proposed to be offered and sold, together with copies of contracts made or proposed to be made relating thereto; (6) information proposed to be furnished offerees as shown by copy of any proposed prospectus or other printed information to be given offerees; (7) management or agency contracts, whether or not exclusive, existing or proposed as to issuer or registrant; (8) description of the securities, number and price thereof proposed to be sold and sales costs; and (9) such other reasonably pertinent information as required by the superintendent. C. When filed, the registration statement shall be accompanied by payment of the applicable filing fee as specified in Section 598 [59A-35-9 NMSA 1978] of this article. History: Laws 1984, ch. 127, § 597.
NM Stat § 59A-35-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-9 - Registration fee.

A. With filing of the registration statement the superintendent shall collect, and the registrant shall pay to the superintendent the applicable registration statement filing fee in amount as follows: (1) for registration by coordination or similar thereto, one hundred dollars ($100); (2) for registration by notification or similar thereto, one hundred dollars ($100); (3) for registration by qualification or similar thereto, fee computed upon gross proposed offering price of all securities covered by the registration as follows: (a) one-tenth (1/10) of one percent of first million dollars ($1,000,000); and (b) one-twentieth (1/20) of one percent of amounts in excess of the first one million dollars ($1,000,000). B. All such fees shall be deemed earned when paid and shall not be subject to refund. History: Laws 1984, ch. 127, § 598.
NM Stat § 59A-35-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-10 - Issuance, denial of permit.

A. The superintendent shall expeditiously examine a newly-filed registration statement and make such investigation of the registrant and related matters as he deems advisable. B. Unless the superintendent finds that the permit should be denied on any of the grounds stated in Subsection C of this section, he shall promptly issue to the registrant a securities permit in appropriate form covering the offering of securities. C. The superintendent may deny a permit on the ground that: (1) the registration statement is incomplete and has not been completed within a reasonable time allowed therefor by the superintendent and communicated to the registrant; (2) the proposed sale or issuance of securities would be in violation of law; (3) the conditions or circumstances of the registrant or insurer, or the terms and conditions of the offering, would make the offering unfair or inequitable as to existing or proposed security holders or investors; (4) funds proposed to be secured by the offering are inadequate or excessive for the purposes intended; (5) proposed costs of the offering are excessive; (6) any of the individuals associated or to be associated in the registrant or insurer or any affiliate thereof, or the ultimate controlling stockholder or owner of the registrant, issuer or insurer is not of good reputation as to business affairs or financial responsibility; (7) the existing or proposed insurer would not be able to qualify for or continue to hold a certificate of authority to transact insurance in this state for any of the reasons stated in Section 59A-5-13 NMSA 1978; (8) if an insurance holding corporation, its plan of capitalization or security options or financing are such as would be prohibited under the Insurance Code as to a newly formed domestic stock insurer; (9) there is material variance, adverse to the registrant, as between information furnished by the registrant in the registration statement and that determined by the superintendent on investigation; (10) information proposed to be furnished investors is incomplete, untrue, or would tend to mislead; or (11) grant of the permit would be contrary to the best interest of the people of New Mexico, for reasons stated in the order denying the permit. D. The superintendent shall deny the permit if the securities are of, or for financing, a foreign insurer not qualified for authority to transact insurance in New Mexico. E. The superintendent's order denying a permit shall state the grounds therefor and be delivered to the registrant or mailed addressed to registrant at its address last of record with the superintendent. History: Laws 1984, ch. 127, § 599; 1987, ch. 259, § 23. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-35-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-12 - Permit as inducement.

A. The granting of a securities permit is permissive only and shall not constitute an endorsement or approval by the superintendent or any other agency or department of the state of New Mexico of any person or thing related to the offering of securities or constitute evidence of the completeness or accuracy of information presented in any prospectus or other sales publicity or literature, or a recommendation of purchase of any securities offered. The existence of the permit shall not be advertised or used as an inducement in any solicitation. B. Each permit issued by the superintendent shall state conspicuously in boldface type the substance of Subsection A of this section in terminology prescribed by the superintendent. History: Laws 1984, ch. 127, § 601; 1999, ch. 289, § 28; 2013, ch. 74, § 31. ANNOTATIONSThe 2013 amendment, effective March 29, 2013, provided that granting a securities permit is not an endorsement or approval by the superintendent of insurance; and in Subsection A, in the first sentence, after "superintendent", deleted "public regulation commission". The 1999 amendment, effective June 18, 1999, substituted "public regulation commission" for "corporation commission, state insurance board" in the first sentence of Subsection A.
NM Stat § 59A-35-13 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-13 - Public announcements of offering.

A. No registrant, issuer, or other person proposing to sell in this state any securities covered by a securities permit issued by the superintendent under this article shall publish or disseminate in this state in any manner any advertising, announcement or literature regarding the offering unless the proposed advertising, announcement or literature has first been filed with and not disapproved by the superintendent. B. The proposed advertising, announcement or literature may be used after expiration of thirty (30) days after filing with the superintendent unless disapproved in writing by the superintendent within such thirty (30) day period. The superintendent shall disapprove any such advertising, announcement, or literature if found by him to be untrue, misleading, or likely to deceive the public. Failure of the superintendent to disapprove shall not constitute or be deemed to constitute an approval of the advertising, announcement or literature. C. The superintendent may require insertion in any such advertising, announcement, or literature of a disclaimer similar to that required for securities permit under Section 601 [59A-35-12 NMSA 1978] of this article in terminology prescribed or accepted by the superintendent. History: Laws 1984, ch. 127, § 602. ANNOTATIONSCross references. — For treatment of investment securities in the Uniform Commercial Code, see 55-8-101 to 55-8-511 NMSA 1978.
NM Stat § 59A-35-14 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-14 - Modification, revocation of permit.

The superintendent may for cause modify a securities permit theretofore issued; and may after a hearing thereon revoke the permit for violation of law or the terms of the permit or any proper order of the superintendent, or for material misrepresentation or practices injurious to the public interest in the offering or sale of the securities. History: Laws 1984, ch. 127, § 603.
NM Stat § 59A-35-15 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-15 - Exclusive jurisdiction.

Securities registered with the superintendent under this article shall not be subject to registration or similar filing with any other governmental department or agency, or under any other law, of this state. History: Laws 1984, ch. 127, § 604.
NM Stat § 59A-35-16 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-16 - Securities salespersons, license required.

No person shall in this state solicit subscription to or purchase of any security covered by a securities permit issued under this article unless such securities salesperson is licensed therefor. If the security is not one to be issued by a newly-formed or proposed new domestic insurer or holding company proposing to acquire or form a domestic insurer, the license shall be one issued by the securities division of the department of financial institutions under the laws of this state applying to public offering and sale of securities in general; otherwise, the license shall be one issued by the superintendent under the provisions of this article. History: Laws 1984, ch. 127, § 605.
NM Stat § 59A-35-17 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-17 - Qualifications, procedure for security salesperson license.

A. Applicants for license as securities salesperson shall be qualified as follows: (1) be an individual not less than twenty-one years of age; (2) be honest and trustworthy, of good personal and business reputation and financially responsible; (3) take and pass an examination as given by the superintendent, reasonably testing the knowledge of the applicant of the securities to be sold, the responsibilities of a salesperson relative thereto and competence of the applicant to act as a securities salesperson; and (4) file with the superintendent along with application for license and thereafter maintain in force while so licensed, a surety bond issued by an authorized surety insurer or deposit of cash or cash-equivalent in lieu of the bond, in reasonable penal sum fixed by the superintendent but not less than ten thousand dollars ($10,000), for protection of the registrant, persons purchasing securities through the salesperson and the state of New Mexico and to assure compliance with law and the applicable regulations of the superintendent. B. Procedure for application for license, examination of applicant, issuance, terms, duration and suspension or revocation of license and related matters shall be as provided by applicable provisions of Chapter 59A, Article 11 NMSA 1978. Fee for license and examination shall be as fixed in Section 59A-6-1 NMSA 1978. C. This section shall not apply as to securities broker-dealers registered as such under the Securities Exchange Act of 1934, as amended, or as to securities the sale of which is underwritten (other than on a best efforts basis) by such a broker-dealer. History: Laws 1984, ch. 127, § 606; 1987, ch. 259, § 24; 1999, ch. 272, § 20; 1999, ch. 289, § 29. ANNOTATIONSCross references. — For the federal Securities Exchange Act of 1934, see 15 U.S.C. § 78a et seq. The 1999 amendment, effective June 18, 1999, in Subsection A, substituted "shall be qualified" for "must be qualified therefor", deleted "must" from the beginning of Paragraphs A(1) to A(4), deleted "resident in this state and" following "an individual" in Paragraph A(1), and substituted "securities" for "securites" near the end of Paragraph A(3). Laws 1999, ch. 272, § 20 and Laws 1999, ch. 289, § 29, both effective June 18, 1999, enacted identical amendments to this section. The section was set out as amended by Laws 1999, ch. 289, § 29. See 12-1-8 NMSA 1978.
NM Stat § 59A-35-18 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 35 - Sale of Insurance Securities|Section 59A-35-18 - Penalty for violation.

Any person violating any of the following provisions of this article shall upon conviction thereof be guilty of a felony punishable by a fine of not less than five hundred dollars ($500) or more than twenty thousand dollars ($20,000): A. Section 595 [59A-35-6 NMSA 1978] (registration of security, permit required); B. Subsection B of Section 600 [59A-35-11 NMSA 1978] (terms of permit; compliance); C. Section 601 [59A-35-12 NMSA 1978] (permit as inducement); D. Section 602 [59A-35-13 NMSA 1978] (public announcements of offering); and E. Section 605 [59-35-16 NMSA 1978] (securities salesmen, license required). History: Laws 1984, ch. 127, § 607. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 44 C.J.S. Insurance §§ 96, 97.
NM Stat § 59A-36-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 36 - Insider Trading in Equity Security of Domestic Insurer|Section 59A-36-1 - "Equity security" defined.

The term "equity security" when used in this article means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the superintendent shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security. History: Laws 1984, ch. 127, § 608.
NM Stat § 59A-36-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 36 - Insider Trading in Equity Security of Domestic Insurer|Section 59A-36-2 - Ownership statements; filing.

Every person who is directly or indirectly the beneficial owner of more than ten percent of any class of any equity security of a domestic stock insurer, or who is a director or an officer of such insurer, shall file with the superintendent within ten (10) days after he becomes such beneficial owner, director or officer a statement, in such form as the superintendent may prescribe, of the amount of all equity securities of such insurer of which he is the beneficial owner; and within ten (10) days after the close of each calendar month thereafter, if there has been a change in such ownership during such month, shall file with the superintendent a statement, in such form as the superintendent may prescribe, indicating his ownership at the close of the calendar month and such changes in his ownership as have occurred during such calendar month. History: Laws 1984, ch. 127, § 609.