reglab/housing_qa huggingface dataset:
NM Stat § 59A-9-17 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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 federal agency. History: Laws 1984, ch. 127, § 150.
NM Stat § 59A-9-18 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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 NMSA 1978] (general qualifications) of this article and by reason of safety of principal and yield otherwise qualifies as a sound investment. No such loan or investment shall be represented by: (1) any item described in Section 119 [59A-8-2 NMSA 1978] (assets not allowed) of the Insurance Code or any loan or investment otherwise expressly prohibited; (2) agents' balances, or amounts advanced to or owing by agents; (3) any category of loans or investments expressly eligible under any other provision of this article; or (4) any investment theretofore acquired or held by the insurer under any other category of loans or investments eligible under this article. B. The insurer shall keep a separate record of all loans and investments made under this section. History: Laws 1984, ch. 127, § 151.
NM Stat § 59A-9-19 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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, ch. 127, § 152.
NM Stat § 59A-9-20 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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 engage in the title insurance business. B. In all statements and proceedings for determination of the insurer's financial condition, such investments shall be valued at actual cost thereof or at such lesser value as the insurer may estimate, or be omitted entirely at the insurer's option. History: Laws 1984, ch. 127, § 153.
NM Stat § 59A-9-21 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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 terms of which are satisfactory to the superintendent, and if the superintendent has approved the title to the lands; (2) such other real estate as is requisite for branch office or other business facilities necessary for the insurer's convenient accommodation in transaction of its business; (3) real estate acquired in satisfaction or part payment of loans, mortgages, liens, judgments, decrees or debts previously owing to the insurer in due course of its business; (4) real estate acquired in part payment of the consideration on sale of other real estate owned by the insurer, if such transaction has effected a net reduction in the insurer's real estate investments; (5) real estate acquired by gift or devise, or through merger, consolidation or bulk reinsurance of another insurer or corporation under the Insurance Code; (6) additional real estate and equipment incidental thereto, if necessary or convenient for enhancing the sale or other value of real estate previously acquired or held under this section; and (7) real estate, or any interest therein, acquired or held by purchase, lease or otherwise, other than real estate to be used primarily for agricultural, ranch, mining, development of oil or mineral resources, recreational, amusement, hotel, motel or club purposes, acquired as an investment for production of income, or acquired to be improved or developed for such investment purposes pursuant to an existing program therefor. The insurer may hold, mortgage, improve, develop, maintain, manage, lease and sell or trade real estate acquired by it under this paragraph. The insurer may elect to hold under the provisions of this paragraph real estate duly acquired or held by it under other provisions of this section. B. Real estate of the insurer under this section shall not in its respective categories exceed the applicable percentage of the insurer's assets as follows: (1) under Paragraph A(1), principal office, fifteen percent unless a larger percentage, but not to exceed twenty-five percent, is approved by the superintendent; (2) under Paragraph A(2), branch office and facilities, five percent; (3) under Paragraph A(7), investment purposes, ten percent; and (4) the aggregate of all real estate holdings under all categories, twenty-five percent. C. Real estate holdings of the insurer shall be subject to disposal as provided in Section 156 [59A-9-23 NMSA 1978] of this article. History: Laws 1984, ch. 127, § 154. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-9-23 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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 it has ceased to be necessary for the convenient accommodation of the insurer in conduct of its business; and (2) an insurer shall dispose of real estate acquired under Paragraphs A(2) through A(6) of Section 154 of this article within five (5) years after date of acquisition, unless used or to be used for the insurer's convenient accommodation in conduct of its business under Paragraph A(1) of that section. B. Upon proof satisfactory to the superintendent that the interests of the insurer would suffer materially by forced sale thereof, the superintendent may by order grant a reasonable extension of the period, as specified in such order, within which the insurer shall dispose of any particular parcel of such real estate. History: Laws 1984, ch. 127, § 156.
NM Stat § 59A-9-24 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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 of eligibility; but any personal property or security acquired under any agreement of bulk reinsurance, merger or consolidation may be retained for a longer period if so provided in the plan for such reinsurance, merger or consolidation as approved by the superintendent under Article 34 [Chapter 59A, Article 34 NMSA 1978] of the Insurance Code. Upon application by the insurer and proof that forced sale of any such property or security would materially injure the interests of the insurer, the superintendent may extend the disposal period for an additional reasonable time. History: Laws 1984, ch. 127, § 157.
NM Stat § 59A-9-25 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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. B. The insurer shall forthwith dispose of any ineligible investments unlawfully acquired by it, and the superintendent shall suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the superintendent, by order, may specify. No such investment shall be allowed as an asset in determining the insurer's financial condition. History: Laws 1984, ch. 127, § 158.
NM Stat § 59A-9-26 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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). No such shares shall be deemed an asset of the insurer in any determination of its financial condition; (2) securities issued by a corporation or enterprise the controlling interest of which is, or will after such acquisition by the insurer be, held directly or indirectly by the insurer or any combination of the insurer and the insurer's directors, officers, subsidiaries or controlling stockholders (other than the parent corporation), and the spouses and children of any of the foregoing individuals. Investments in controlled insurance corporations or subsidiaries under Sections 144 and 145 [59A-9-11 and 59A-9-12 NMSA 1978] of this article are not subject to this section; (3) any note or other evidence of indebtedness of any director, officer, employee or controlling stockholder of the insurer, or of the spouse or child of any of the foregoing individuals, except as to policy loans authorized under Section 148 [59A-9-15 NMSA 1978] of this article; or (4) any real estate in which any officer or director or controlling stockholder (other than parent corporation) of the insurer has a financial interest. B. No insurer shall underwrite or participate in underwriting of an offering of securities or property of any other person. This provision shall not prohibit the insurer from having a subsidiary which is a principal underwriter of a registered investment company (mutual fund). C. No insurer shall enter into an agreement to withhold from sale any of its securities or property, and disposition of its assets shall at all times be within control of the insurer. History: Laws 1984, ch. 127, § 159. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-9-27 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 9 - Investments|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.
NM Stat § 59A-10-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-1 - Authorized deposits.

The following deposits of insurers when made with the state treasurer through the superintendent shall be accepted and held in trust, subject to the provisions of Sections 161 through 170 [59A-10-1 to 59A-10-10 NMSA 1978] of this article: A. deposits required under the Insurance Code for authority to transact insurance in this state; B. deposits of domestic insurers when made pursuant to laws of other states, provinces or countries as requirement for authority to transact insurance therein; and C. deposits in such additional amounts as permitted under Section 166 [59A-10-6 NMSA 1978] (excess deposits) of this article. History: Laws 1984, ch. 127, § 161. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto. Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 29.
NM Stat § 59A-10-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-2 - Purpose of deposit.

A. Deposits made in this state pursuant to Sections 85 [59A-5-18 NMSA 1978] (general deposit), 86 [59A-5-19 NMSA 1978] (special deposit) or 87 [59A-5-20 NMSA 1978] (general deposit of alien insurer) of the Insurance Code shall be held in trust for the respective purposes stated in those sections. B. A deposit made in this state by a domestic insurer transacting insurance in another state, province or country under the laws thereof shall be held for protection of all the insurer's policyholders or all its policyholders and creditors or for such other purpose or purposes as may be specified pursuant to such laws. C. Deposits required under Section 100 [59A-5-33 NMSA 1978] (reciprocity provision) of the Insurance Code shall be held for purposes specified by the superintendent's order requiring the deposit to be made. History: Laws 1984, ch. 127, § 162.
NM Stat § 59A-10-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-4 - State treasurer as depository.

A. Deposits made in this state under the Insurance Code shall be made through the superintendent, and upon the superintendent's written order deposited with the state treasurer, who shall give receipt therefor and hold in trust deposits so made for the purpose or purposes made, subject to the applicable provisions of this article. B. The state of New Mexico shall be responsible for safekeeping of all assets so deposited with the state treasurer, and shall bear the costs of the depository. History: Laws 1984, ch. 127, § 164. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-10-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-5 - Depositories designated by treasurer.

The state treasurer may designate any solvent trust company or other solvent financial institution having trust powers and with offices located in this state, as the state treasurer's depository to receive and hold any general, special or excess deposit of an insurer under Chapter 59A, Article 10 NMSA 1978. The deposit shall be so handled at the expense, if any, of the insurer, and the state of New Mexico shall not be responsible for safekeeping thereof. History: Laws 1984, ch. 127, § 165; 2011, ch. 127, § 5. ANNOTATIONSThe 2011 amendment, effective July 1, 2011, broadened the authority of the state treasurer to designate trust companies and financial institutions that have offices in New Mexico as depositories.
NM Stat § 59A-10-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-6 - Excess deposits.

An insurer may deposit and maintain on deposit with the state treasurer through the superintendent, funds and securities eligible for deposit under this article in amount not over one hundred thousand dollars ($100,000) in excess of its required general deposit or special deposit, as the case may be, for purpose of absorbing fluctuations in value of assets held on deposit, and to facilitate exchange and substitution of such assets. History: Laws 1984, ch. 127, § 166.
NM Stat § 59A-10-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-7 - Insurer's rights during solvency.

A. So long as the insurer remains solvent and is in compliance with the Insurance Code it may: (1) demand, receive, and sue for and recover the income from the assets deposited; (2) exchange and substitute eligible assets of equivalent or greater fair market value for the deposited assets; and (3) at any reasonable time inspect any such deposit. B. The superintendent may prescribe or approve reasonable arrangements and safeguards under which a solvent insurer may sell a particular deposited asset, immediately reinvest the proceeds of such sale in other assets eligible for deposit under this article, and deposit such other assets in lieu of that sold, in absence of excess deposit of the insurer adequate to cover such exchange. History: Laws 1984, ch. 127, § 167. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-10-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-8 - Replenishment of deposit.

If for any reason the market value of assets of the insurer held on deposit in this state falls below the amount required under the Insurance Code, the insurer shall promptly deposit other or additional eligible assets sufficient to cure the deficiency. If the insurer fails to cure the deficiency within a reasonable time after receipt of notice thereof from the superintendent, the superintendent shall revoke the insurer's certificate of authority. History: Laws 1984, ch. 127, § 168. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-10-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-9 - Release of deposit.

A. All general and special deposits of an insurer under the Insurance Code [Chapter 59A NMSA 1978] shall be released only as follows: (1) upon extinguishment of all liabilities of the insurer for the security of which the deposit is held, by reinsurance contract or otherwise; (2) upon the insurer ceasing to transact business in this state, and all of the liabilities for which the deposit was security have been satisfied or terminated, or assumed by another insurer authorized to transact insurance in New Mexico; (3) if the insurer is subject to delinquency proceedings, upon proper order of a court of competent jurisdiction the insurer's deposited assets shall be released to the receiver, conservator, rehabilitator or liquidator of the insurer; (4) upon the entry of a final order of liquidation or order approving a rehabilitation plan of a member insurer, and upon request of the domiciliary receiver, the deposit shall be released to the domiciliary receiver or to the applicable New Mexico guaranty association; or (5) deposits held under Section 59A-10-6 NMSA 1978 shall be released in whole or in part to the insurer on the insurer's request while the insurer is solvent and its general or special deposit, as applicable, is otherwise in amount not less than that required of the insurer under the Insurance Code. B. If the deposited assets are held pursuant to Section 59A-5-33 NMSA 1978, the deposit shall be released when the basis for such reciprocity no longer exists as to the deposit. C. Release of a deposit shall be made only on application to and written order of the superintendent, made upon proof satisfactory to the superintendent of the existence of one or more of grounds for release stated in Subsection A of this section. The superintendent, before directing release of deposited assets, may require such evidence as the superintendent deems satisfactory that the release of the deposit, in whole or in part, should be made. In the case of special deposits, prior to release of the deposit pursuant to Paragraphs (3) and (4) of Subsection A of this section, the superintendent may require written assurances from the domiciliary receiver that the deposit will be handled in accordance with Section 59A-5-19 NMSA 1978 and applicable federal law. History: Laws 1984, ch. 127, § 169; 2012, ch. 9, § 2. ANNOTATIONSThe 2012 amendment, effective July 1, 2012, clarified the conditions upon which deposits may be released; provided for assurances that upon release, deposits will be used in accordance with applicable law; in Subsection A, added Paragraph (4); and in Subsection C, deleted the former last sentence which limited the personal liability of the superintendent for funds released in good faith and added the last sentence.
NM Stat § 59A-10-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-10 - Special deposit bond in lieu, requirement of new bond.

If in the superintendent's opinion the solvency of any surety on a bond accepted under Section 86 [59A-5-19 NMSA 1978] of the Insurance Code in lieu of a special deposit has become impaired or doubtful, the superintendent shall so notify the principal on the bond and unless within ten (10) days thereafter the solvency of the surety is proved to the superintendent's satisfaction or a new acceptable bond substituted, or eligible assets deposited in amount required and in lieu of bond, the superintendent shall revoke the certificate of authority of the insurer principal in such bond. History: Laws 1984, ch. 127, § 170. ANNOTATIONSCross references. — For existing deposits and bonds, see notes following 59A-5-18 NMSA 1978.
NM Stat § 59A-10-11 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 10 - Administration of Deposits; Trusteed Assets of Alien Insurer|Section 59A-10-11 - Trusteed assets of alien insurer.

A. An alien insurer may use New Mexico as a state of entry to transact insurance in the United States by making and maintaining in this state a deposit of assets in trust with a bank or trust company domiciled in this state and designated or approved by the state treasurer and the superintendent and by obtaining a certificate of authority to transact the business of insurance in this state in accordance with Chapter 59A, Article 5 NMSA 1978. B. The deposit shall be in an amount not less than as required of an alien insurer under Section 59A-5-20 NMSA 1978 and shall consist of assets eligible for deposit under Subsection B of Section 59A-10-3 NMSA 1978. C. Such a deposit may be referred to as "trusteed assets". History: Laws 1984, ch. 127, § 171; 1991, ch. 125, § 9. ANNOTATIONSThe 1991 amendment, effective April 3, 1991, added the language beginning "and the superintendent" at the end of Subsection A and rewrote Subsection B which read "The deposit together with other trust deposits of the insurer held in the United States for the same purpose shall be in amount not less than as required of an alien insurer under Section 87 of the Insurance Code and shall consist of assets eligible for deposit under Subsection B of Section 163 of this article."