A. An insurer shall not make any particular investment or loan (other than policy loans or annuity contract loans of a life insurer) unless the same is authorized or ratified by the insurer's board of directors, or other appropriate governing body if a reciprocal or Lloyd's insurer, or by a committee thereof charged with supervision of investments and loans. The minutes of any such committee shall be recorded and a report submitted to the board of directors or such other appropriate governing body, at the next meeting thereof.
B. The insurer shall maintain a full record of each investment showing, among other pertinent information, the name of any officer, director or principal stockholder or security holder of the insurer having any direct, indirect or contingent interest in the securities, loan or property constituting the investment, or in the person in whose behalf the investment is made, and the nature of such interest.
History: Laws 1984, ch. 127, ยง 137.
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.