reglab/housing_qa huggingface dataset:
NM Stat § 59A-34-14 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-14 - Information to stockholders and proxy regulations.

A. This section and Sections 561 and 562 [59A-34-15 and 59A-34-16 NMSA] of this article apply to all domestic stock insurers except: (1) a domestic stock insurer having of record less than one hundred (100) holders of any class of equities securities; but if ninety-five percent or more of the insurer's equity securities are owned or controlled by a parent or an affiliated insurer, this section and the sections referred to in Subsection A, above, do not apply to the insurer unless its remaining securities are held of record by five hundred (500) or more persons; and (2) domestic stock insurers which, relative to voting or other securities involved, file with the Securities and Exchange Commission forms of proxies, consents and authorizations pursuant to the Securities Exchange Act of 1934, as amended. B. The superintendent may promulgate reasonable rules and regulations for effectuation of this section and the sections referred to in Subsection A, above. History: Laws 1984, ch. 127, § 560. ANNOTATIONSCross references. — For the Securities Exchange Act of 1934, see 15 U.S.C. § 78a et seq.
NM Stat § 59A-34-15 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-15 - Information in advance of stockholder meetings.

Every insurer to which Section 560 [59A-34-14 NMSA 1978] applies shall timely furnish to its stockholders, in advance of stockholder meetings, information in writing reasonably adequate to inform them relative to all matters to be presented by the insurer's management for consideration of stockholders at the meeting. History: Laws 1984, ch. 127, § 561.
NM Stat § 59A-34-16 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-16 - Solicitation of proxies.

A. No person shall solicit a proxy, consent or authorization in respect of any stock or other voting security of such an insurer unless he furnishes the person so solicited with written information reasonably adequate as to: (1) the material matters in regard to which the powers so solicited are proposed to be used; and (2) the person or persons on whose behalf the solicitation is made and the interest of such person or persons in relation to such matters. B. No person shall so furnish information which the informer knows or has reason to believe in [is] false or misleading as to any material fact, or which fails to state any material fact reasonably necessary to prevent any other statement made from being misleading. C. The form of all such proxies shall: (1) conspicuously state on whose behalf the proxy is solicited; (2) provide for dating the proxy; (3) impartially identify each matter or group of related matters intended to be acted upon; (4) provide means for the principal to instruct the vote of his shares as to approval or disapproval of each matter of [or] group, other than election to office; and (5) be legibly printed, with context suitably organized; but a proxy may confer discretionary authority as to matters as to which a choice is not specified pursuant to Paragraph (4), above, if the form conspicuously states how it is intended to vote the proxy or authorization in each such case, and may confer discretionary authority as to other matters which may come before the meeting but [were] unknown for a reasonable time prior to the solicitation by the persons on whose behalf the solicitation is made. D. No proxy shall confer authority to: (1) vote for election of any person to any office for which a bona fide nominee is not named in the proxy statement; or (2) vote in any annual meeting (or adjournments thereof) other than the annual meeting next following the date on which the proxy statement and form were furnished stockholders. E. Any proxy, consent or authorization obtained in violation of, or which violates, this section or the lawful rules and regulations of the superintendent relating thereto, is void. History: Laws 1984, ch. 127, § 562. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 59A-34-17 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-17 - Management, compensation and agency contracts.

A. No domestic insurer shall make, amend or renew any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the material exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer, or, if an officer, director or otherwise part of the insurer's management, is to receive any commission, bonus or compensation based upon the volume of the insurer's business or transactions, unless the contract is filed with and not disapproved by the superintendent. The contract amendment or renewal shall become effective in accordance with its terms unless disapproved by the superintendent within thirty days after date of filing, subject to such reasonable extension of time as the superintendent may require by written notice given within such thirty days. Any disapproval shall be delivered to the insurer in writing stating the grounds therefor. B. Any such contract when made, amended, or renewed shall provide that any such manager, producer of its business or contract holder shall within ninety days after expiration of each calendar year furnish the insurer's board of directors a written statement of amounts received under or on account of the contract and amounts expended thereunder during such calendar year, with specification of the emoluments received therefrom by the respective directors, officers, and other principal management personnel of the manager, producer, contract holder or insurer, and with such classification of items and further detail as the insurer's board of directors may reasonably require. C. The superintendent shall disapprove any such contract, amendment or renewal thereof if he finds that the contract: (1) subjects the insurer to excessive charges; (2) is to extend for an unreasonable length of time; (3) does not contain fair and adequate standards of performance; or (4) contains other inequitable provisions or provisions which impair the reasonable and proper interests of the insurer's stockholders, policyholders or members. D. The superintendent may, after a hearing held thereon, disapprove or withdraw his approval of any such contract theretofore permitted to become effective or amended or renewed, if he finds that the contract should be disapproved on any of the grounds specified in Subsection C of this section. E. Any contract or relationship with and any person who is a managing general agent as defined in the Managing General Agents Law [Chapter 59A, Article 12B NMSA 1978], shall be subject to the provisions of that law. History: Laws 1984, ch. 127, § 563; 1993, ch. 320, § 66. ANNOTATIONSThe 1993 amendment, effective June 18, 1993, added Subsection E and made minor stylistic changes throughout the section.
NM Stat § 59A-34-18 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-18 - Dividends to stockholders.

A. A domestic stock insurer shall not pay any cash dividend to stockholders except out of that part of its available and accumulated surplus funds otherwise unrestricted and derived from realized net operation profits and realized capital gains. B. A cash dividend otherwise lawful may be so paid out of the insurer's earned surplus which is in excess of the amount of surplus required to be maintained by it under the Insurance Code. C. A stock dividend may be paid out of any available surplus. Upon payment of a stock dividend the insurer shall transfer to its paid-in capital stock account funds equal to the aggregate of the par value of shares so distributed. D. No dividend shall be declared or paid which would reduce the insurer's surplus funds below an amount reasonably required to sustain the insurer's normal operations currently and for the reasonably foreseeable future. E. This section is subject to the provisions of Section 59A-37-22 NMSA 1978 relative to dividends by insurers which are subject to The Insurance Holding Company Law [Chapter 59A, Article 37 NMSA 1978]. History: Laws 1984, ch. 127, § 564; 1993, ch. 320, § 67. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto. The 1993 amendment, effective June 18, 1993, substituted "Section 59A-37-22" for "Section 637 of Article 37 of the Insurance Code" in Subsection E. Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 100. 44 C.J.S. Insurance § 127 et seq.
NM Stat § 59A-34-19 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-19 - Participating policies.

A. If provided for in its articles of incorporation a stock or mutual insurer may issue any or all of its policies with or without participation in profits, savings or unabsorbed portions of premiums, may classify policies issued on a participating or nonparticipating basis and may determine the right to participate and the extent of participation of any class or classes of policies. Any such classification or determination shall be reasonable, and shall not unfairly discriminate as between policyholders within the same classification. B. A life insurer may issue both participating and nonparticipating policies only if the right or absence of right to participate is reasonably related to the premium charged. C. After the first policy year no dividend, otherwise earned, shall be made contingent upon payment of the renewal premium on any policy or contract; but a participating life or health insurance policy providing for participation at the end of the first or second policy year or the first and second policy year may provide that such dividend or dividends will be paid subject to payment of the premium for the year next ensuing such first or second policy year. D. As to life insurance policies, this section is subject to Section 393 [59A-20-28 NMSA 1978] (special requirements as to participating policies) of the Insurance Code. History: Laws 1984, ch. 127, § 565. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 120. 44 C.J.S. Insurance § 123 et seq.
NM Stat § 59A-34-20 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-20 - Dividends to policyholders.

A. The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings, net realized earnings and net realized capital gains, all in excess of the surplus required by law to be maintained by the insurer. B. Subject to Section 393 [59A-20-28 NMSA 1978] (special requirements as to participating policies) of the Insurance Code, a domestic stock insurer may pay dividends to holders of its participating policies out of its available surplus. C. No such dividend shall be paid which is inequitable or which unfairly discriminates between classifications or policies within the same classification. History: Laws 1984, ch. 127, § 566. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 120. 44 C.J.S. Insurance § 127 et seq.
NM Stat § 59A-34-21 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-21 - Illegal dividends; penalty.

A. Any director of a domestic stock or mutual insurer who wilfully votes for or concurs in declaration or payment of an illegal dividend to stockholders or members shall upon conviction thereof be guilty of a misdemeanor punishable by a fine not to exceed five hundred dollars ($500) and shall be jointly and severally liable, together with other such directors, for any loss thereby sustained by the insurer. B. The stockholders or members receiving such an illegal dividend shall be liable in the amount thereof to the insurer. C. The superintendent may revoke or suspend the certificate of authority of an insurer which has declared or paid an illegal dividend. History: Laws 1984, ch. 127, § 567.
NM Stat § 59A-34-22 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-22 - Purchase of own shares by stock insurer.

A. A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows: (1) for elimination of fractional shares; (2) incidental to enforcement of rights of the insurer as to lawful transactions previously entered into in good faith for purposes other than acquisition of such shares; (3) for purposes of a general savings and investment plan for the insurer's personnel; (4) for mutualization of the insurer as provided in Section 580 [59A-34-34 NMSA 1978] of this article; (5) for purposes of cancellation in connection with plan of recapitalization or reduction or reclassification of outstanding shares, or under other plan submitted to and approved in writing by the superintendent. The superintendent shall not approve a plan unless found by him to be for reasonable purposes, to be equitable as to the remaining stockholders of the insurer and not materially adverse to protection of policyholders; or (6) as result of gift or bequest of the shares to the insurer. B. Its own shares held by the insurer shall be part of paid-in capital stock, but shall not be voted or constitute an asset for financial statement purposes. History: Laws 1984, ch. 127, § 568.
NM Stat § 59A-34-23 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-23 - Borrowed capital funds.

A. A domestic insurer may without pledge of assets borrow money to defray expense of organization, provide surplus funds or for any purpose of its business, upon a written agreement that such money is required to be repaid only out of the insurer's surplus in excess of that stipulated in such agreement. The agreement may provide for interest on unpaid balance of principal at a reasonable rate approved by the superintendent, which interest shall or shall not constitute a liability of the insurer as to its funds other than such excess of surplus, as stipulated in the agreement. No commission or promotion expense shall be paid in connection with any such loan, except that if a public offering and sale is made of the loan securities the insurer may pay the reasonable costs thereof approved by the superintendent. B. Money so borrowed, together with the interest thereon if so provided in the agreement, shall not be part of the insurer's legal liabilities except as to its surplus in excess of the amount of surplus stipulated in the agreement, or be basis of any setoff; but until repaid, financial statements filed or published by the insurer shall show as a footnote thereto the amount of the loan then unpaid together with any interest thereon accrued but unpaid. C. Any such loan shall be subject to the superintendent's approval. The insurer, in advance of the loan, shall file with the superintendent a statement of the amount proposed to be so borrowed and the purposes thereof together with a copy of the proposed loan agreement. The loan and agreement shall be deemed approved unless within thirty (30) days after date of such filing the insurer is notified of the superintendent's disapproval and reasons therefor. The superintendent shall disapprove any proposed loan or agreement if he finds the loan unnecessary or excessive for purposes intended or that the terms of the agreement are not fair and equitable to the parties and to other similar lenders, if any, to the insurer, or that the information so filed by the insurer is inadequate. D. Any such loan or substantial portion thereof shall be repaid by the insurer when no longer reasonably necessary for the purposes intended. No such repayment shall be made unless approved in advance by the superintendent upon his finding that repayment would not deprive the insurer of funds reasonably required for its operations or protection of its policyholders. E. Such loan agreements when offered for purchase by the public shall for purposes of Article 35 [Chapter 59A, Article 35 NMSA 1978] (sale of insurance securities) of the Insurance Code be deemed to be securities. F. This section does not apply to other kinds of loans obtained by the insurer in ordinary course of business, or to loans secured by pledge or mortgage of assets. History: Laws 1984, ch. 127, § 569.
NM Stat § 59A-34-24 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-24 - Mutual membership.

A. Each holder of one or more insurance policies of a domestic mutual insurer, other than holder of a reinsurance contract, is a member of the insurer with all the rights and obligations of such membership, and each such policy so issued shall so specify. B. Any person, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, firm, estate, trustee or fiduciary may be a member of a mutual insurer. History: Laws 1984, ch. 127, § 570. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 108 to 112. 44 C.J.S. Insurance § 118.
NM Stat § 59A-34-25 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-25 - Mutual members, corporate rights.

A. As to management, records and affairs of the insurer a member of a domestic mutual insurer shall have the same character of rights and relationship as a stockholder has toward a domestic stock insurer. B. Subsection A above shall not be deemed to: (1) subject the mutual insurer to requirements of Sections 560 [59A-34-14 NMSA 1978] (information to stockholders and proxy regulations), 561 [59A-34-15 NMSA 1978] (information in advance of stockholder meetings) or 562 [59A-34-16 NMSA 1978] (solicitation of proxies) of this article; or (2) give mutual members the right of dissent and appraisal on any merger, consolidation, bulk reinsurance, or sale of assets of the insurer. History: Laws 1984, ch. 127, § 571. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 110, 111. 44 C.J.S. Insurance § 118.
NM Stat § 59A-34-26 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-26 - Mutual insurer bylaws.

A. The initial board of directors of a domestic mutual insurer shall adopt original bylaws for government of the corporation and conduct of its business. Such bylaws shall be subject to approval of the insurer's members at the next annual meeting of members and no bylaw provision shall thereafter be effective which is not so approved. Bylaws shall be revoked or modified only by vote of the insurer's members at a meeting of which notice was given as provided in the bylaws. B. The bylaws shall provide that each of the insurer's members is entitled to one vote in election of corporate directors and on each matter voted on at membership meetings, and that such right to vote may be exercised in person or pursuant to written proxy. C. The insurer shall promptly file with the superintendent a copy, certified by the insurer's secretary, of such bylaws and of every modification thereof or addition thereto. D. The bylaws and modifications thereof or additions thereto shall be subject to the superintendent's approval. The superintendent shall not disapprove any such bylaw, modification or addition unless found by him, after a hearing thereon, to be unlawful, unreasonable, inadequate, unfair or injurious to the proper interests or protection of the insurer's members or any class thereof. The insurer shall not, after receiving written notice of disapproval and during the existence thereof, effectuate any bylaw provision so disapproved. History: Laws 1984, ch. 127, § 572. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 103, 104. 44 C.J.S. Insurance § 117.
NM Stat § 59A-34-27 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-27 - Mutual members, quorum.

A domestic mutual insurer may in its bylaws adopt a reasonable provision for determining a quorum of members at any meeting thereof, but no provision recognizing a quorum of fewer than a simple majority in person or proxy of all the insurer's members shall be effective unless approved as reasonable by the superintendent. This section shall not affect any other provision of law requiring vote of a different percentage of members for a specified purpose. History: Laws 1984, ch. 127, § 573. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 44 C.J.S. Insurance § 117.
NM Stat § 59A-34-28 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-28 - Mutual members, contingent liability.

A. Except as to nonassessable policies as provided for in Section 577 [59A-34-31 NMSA 1978] of this article, each member of a domestic mutual insurer shall have contingent liability, pro rata and not one for another, for discharge of the insurer's obligation incurred while the member was a policyholder, which liability shall be in such maximum amount, not less than one nor more than six (6) times the premium for the member's policy at the annual premium rate, as specified in the insurer's articles of incorporation. B. Every policy issued by the insurer shall contain a statement of the contingent liability. C. Termination of the policy shall not relieve the member of contingent liability as to liabilities of the insurer incurred while the policy was in force. D. Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of financial condition. History: Laws 1984, ch. 127, § 574.
NM Stat § 59A-34-29 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 34 - Domestic Stock and Mutual Insurers|Section 59A-34-29 - Mutual members, levy of contingent liability.

A. If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required of it under the Insurance Code for authority to transact the kinds of insurance being transacted, and the deficiency is not otherwise cured, its directors may, if approved by the superintendent as being reasonable and in the best interests of the insurer and its members, levy an assessment only on its members who held policies providing for contingent liability at any time within the twelve (12) months next preceding the date the levy was authorized by the board of directors, and such members shall be liable to the insurer for the amount so assessed. B. The assessment shall be for the amount required to cure the deficiency and to provide working funds in reasonable amount above such minimum surplus. C. As to the respective policies subject to the levy, the assessment shall be computed upon the basis of premium earned by the insurer thereon during such twelve (12) month period. D. No member shall have an offset against any assessment on account of any claim for unearned premiums or loss payable. E. As to life insurance, any part of the assessment upon a member which remains unpaid following notice of assessment, demand for payment and lapse of a reasonable waiting period as specified in the notice may, if approved by the superintendent as being in the best interest of the insurer and its members, be secured by placing a lien upon the cash surrender values and accumulated dividends held or to be held by the insurer to the credit of the member's policy. History: Laws 1984, ch. 127, § 575. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.