New Mexico Statutes
Chapter 59A - Insurance Code
Article 34 - Domestic Stock and Mutual Insurers

Section 59A-34-1 - Scope of article. - This article [Chapter 59A, Article 34 NMSA 1978] applies as...

Section 59A-34-2 - Application of general corporation statutes. - The applicable statutes of this state relating to the powers...

Section 59A-34-3 - Insurance business exclusive; exceptions. - A. Except as provided in this section, no domestic insurer...

Section 59A-34-4 - Incorporation. - A. Seven (7) or more individuals who have reached the...

Section 59A-34-5 - Filing, recording of articles; authority to raise capital or transact insurance required. - A. When executed and acknowledged by the incorporators, the articles...

Section 59A-34-6 - Amendment of articles of incorporation. - A. The articles of incorporation of a stock insurer may...

Section 59A-34-7 - Nonuser of corporate charter. - A. Any domestic insurer which within one year from date...

Section 59A-34-8 - Prohibited interest of officers, directors and employees in certain transactions. - A. No officer or director of an insurer, or any...

Section 59A-34-9 - Salaries of officers, directors. - No insurer shall pay any salary, compensation or emolument to...

Section 59A-34-10 - Records and accounts. - A. Every domestic insurer shall keep at its principal place...

Section 59A-34-11 - Vouchers for expenditures. - No insurer shall make any disbursement of one hundred dollars...

Section 59A-34-12 - Assets to be kept in state; exceptions. - A. Every domestic insurer shall keep its assets within this...

Section 59A-34-13 - Removal, concealment of records, assets. - A. No person shall remove all or any material part...

Section 59A-34-14 - Information to stockholders and proxy regulations. - A. This section and Sections 561 and 562 [59A-34-15 and...

Section 59A-34-15 - Information in advance of stockholder meetings. - Every insurer to which Section 560 [59A-34-14 NMSA 1978] applies...

Section 59A-34-16 - Solicitation of proxies. - A. No person shall solicit a proxy, consent or authorization...

Section 59A-34-17 - Management, compensation and agency contracts. - A. No domestic insurer shall make, amend or renew any...

Section 59A-34-18 - Dividends to stockholders. - A. A domestic stock insurer shall not pay any cash...

Section 59A-34-19 - Participating policies. - A. If provided for in its articles of incorporation a...

Section 59A-34-20 - Dividends to policyholders. - A. The directors of a domestic mutual insurer may from...

Section 59A-34-21 - Illegal dividends; penalty. - A. Any director of a domestic stock or mutual insurer...

Section 59A-34-22 - Purchase of own shares by stock insurer. - A. A domestic stock insurer shall have the right to...

Section 59A-34-23 - Borrowed capital funds. - A. A domestic insurer may without pledge of assets borrow...

Section 59A-34-24 - Mutual membership. - A. Each holder of one or more insurance policies of...

Section 59A-34-25 - Mutual members, corporate rights. - A. As to management, records and affairs of the insurer...

Section 59A-34-26 - Mutual insurer bylaws. - A. The initial board of directors of a domestic mutual...

Section 59A-34-27 - Mutual members, quorum. - A domestic mutual insurer may in its bylaws adopt a...

Section 59A-34-28 - Mutual members, contingent liability. - A. Except as to nonassessable policies as provided for in...

Section 59A-34-29 - Mutual members, levy of contingent liability. - A. If at any time the assets of a domestic...

Section 59A-34-30 - Mutual members, enforcement of contingent liability. - A. Upon levy of an assessment upon its members the...

Section 59A-34-31 - Mutual insurers; nonassessable policies. - A. A domestic mutual insurer while maintaining unimpaired surplus funds...

Section 59A-34-32 - Prohibited transactions. - A. No domestic insurer shall participate in any underwriting of...

Section 59A-34-33 - Unauthorized business in other states. - A. No domestic insurer shall transact insurance in any other...

Section 59A-34-34 - Mutualization of stock insurer. - A. A stock insurer other than title insurer may become...

Section 59A-34-35 - Conversion to ordinary business corporation. - A. A domestic stock insurer may convert to and become...

Section 59A-34-36 - Merger, consolidation of stock insurers. - A. Subject to the provisions of this section a domestic...

Section 59A-34-37 - Preservation of old charter in merger, consolidation. - A. In any merger or consolidation of a foreign stock...

Section 59A-34-38 - Merger, consolidation of mutual insurers. - A. A domestic mutual insurer shall not merge or consolidate...

Section 59A-34-39 - Conversion of mutual to stock insurer. - A. A domestic mutual insurer may become a stock insurer...

Section 59A-34-40 - Bulk reinsurance. - A. A domestic insurer shall not reinsure with another insurer...

Section 59A-34-41 - Bulk reinsurance; fees and commissions. - No director, officer, employee, agent or other representative of an...

Section 59A-34-42 - Expense to be borne by parties. - Costs of mailing or otherwise giving notice of any public...

Section 59A-34-43 - Mutual member's share of assets on liquidation. - A. Upon any liquidation of a domestic mutual insurer its...

Section 59A-34-44 - Material transactions; report. - A. Every domestic insurer, including health maintenance organizations, nonprofit health...

Section 59A-34-45 - Acquisition and disposition of assets; materiality; scope; reporting requirements. - A. No acquisition or disposition of assets need be reported...

Section 59A-34-46 - Nonrenewals, cancellations or revisions of ceded reinsurance programs; materiality; scope; reporting requirements. - A. No nonrenewal, cancellation or revision of a ceded reinsurance...