An insurer may invest in loans secured by deposits of collateral consisting of securities in which the insurer may otherwise invest under this article, if the current market value of such collateral is not less than twenty percent in excess of the amount of the loan. The amount so loaned shall be included pro rata in determining the maximum of funds permitted under this article to be invested in the respective categories of securities so pledged. The superintendent may by rule or regulation place reasonable limit upon such loans to a parent corporation, subsidiary or affiliate of the insurer.
History: Laws 1984, ch. 127, ยง 149.
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.