A. Insurers shall invest in or lend their funds on security of, and shall hold as invested assets, only eligible investments as prescribed in this article.
B. Any particular investment held by an insurer on effective date of the Insurance Code, which was a legal investment at time made and which the insurer was legally entitled to possess immediately prior to such effective date, shall be deemed an eligible investment.
C. Eligibility of an investment shall otherwise be determined as of date of making or acquisition.
D. Any investment limitation based upon the amount of the insurer's assets or particular funds shall relate to such assets or funds as shown by the insurer's annual statement as of December 31 next preceding date of acquisition of the investment, or as shown by a more recent financial statement resulting from merger of another insurer, bulk reinsurance or change of capitalization.
E. No insurer shall pay any commission or brokerage for purchase or sale of property in excess of that usual and customary at the time and in the locality where the purchase or sale is made.
History: Laws 1984, ch. 127, § 135.
Compiler's notes. — The phrase "effective date of the Insurance Code" means January 1, 1985, the effective date of Laws 1984, Chapter 127.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 44 C.J.S. Insurance § 110.
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.