A. An insurer may invest in the stocks of other solvent insurers formed under the laws of this or another state, which stocks meet the applicable requirements of Section 142 [59A-9-9 NMSA 1978] (preferred or guaranteed stocks) or 143 [59A-9-10 NMSA 1978] (common stocks) of this article.
B. With the superintendent's advance written consent an insurer may acquire and hold controlling interest in or all outstanding voting stock of another such insurer. The superintendent shall not consent to any such acquisition if he finds it not in the best interests of the insurers involved, or of their respective policyholders or stockholders, or that the acquisition would materially tend to lessen competition or to result in any monopoly in the insurance business in this state.
C. Stock so acquired shall be included with other stock investments for the purpose of the limit of aggregate investments stated in Subsection B of Section 143 of this article.
History: Laws 1984, ch. 127, ยง 144.
Structure New Mexico Statutes
Section 59A-9-2 - Eligible investments.
Section 59A-9-3 - General qualifications.
Section 59A-9-4 - Authorization and record of investments.
Section 59A-9-5 - Diversification.
Section 59A-9-6 - Public obligations.
Section 59A-9-7 - Obligations, stock of certain federal and international agencies.
Section 59A-9-8 - Corporate obligations.
Section 59A-9-9 - Preferred or guaranteed stocks.
Section 59A-9-10 - Common stocks.
Section 59A-9-11 - Insurance stocks.
Section 59A-9-12 - Investments in subsidiaries.
Section 59A-9-13 - Common trust funds, mutual funds.
Section 59A-9-14 - Equipment trust certificates.
Section 59A-9-15 - Policy loans.
Section 59A-9-16 - Collateral loans.
Section 59A-9-17 - Savings and share accounts, time certificates.
Section 59A-9-18 - Miscellaneous investments.
Section 59A-9-19 - Special investments of separate account funds.
Section 59A-9-20 - Special investments of title insurers.
Section 59A-9-21 - Real property.
Section 59A-9-22 - Real estate mortgages, deeds of trust.
Section 59A-9-23 - Time limit for disposal of real property.
Section 59A-9-24 - Time limit for disposal of other ineligible property and securities.
Section 59A-9-25 - Failure to dispose of property or securities; effect; penalty.
Section 59A-9-26 - Prohibited investments and investment underwriting.