A. An insurer may invest in preferred or guaranteed stocks or shares of any solvent institution existing under the laws of the United States or Canada, or any state or province thereof.
B. No insurer shall invest in any such preferred or guaranteed stock in an amount in excess of ten percent of any issue and related issues thereof, subject to Paragraph A of Section 138 [59A-9-5 NMSA 1978] (diversification) of this article, and subject to the limit of the insurer's investments in preferred, guaranteed and common stocks as stated in Subsection B of Section 143 [59A-9-10 NMSA 1978] (common stocks) of this article.
History: Laws 1984, ch. 127, ยง 142.
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.