New Mexico § 59A-9-13 Common trust funds, mutual funds

New Mexico Statutes

§ 59A-9-13 — Common trust funds, mutual funds

New Mexico·Ch. 59A Insurance Code·Art. 9 Investments

A. An insurer may invest in:

(1)a bank's common trust fund as defined in Section 584 of the United States Internal Revenue Code of 1954; and (2) the securities of any open-end or closed-end management type investment company or investment trust registered under the federal Investment Company Act of 1940, as from time to time amended, if such investment company or trust has assets of not less than ten million dollars ($10,000,000) at date of the investment. B. All such investments shall be considered as investment in common stocks for the purpose of the limit on aggregate investments imposed by Subsection B of Section 143 [59A-9-10 NMSA 1978] of this article.

Free access — add to your briefcase to read the full text and ask questions with AI

A. An insurer may invest in: (1) a bank's common trust fund as defined in Section 584 of the United States Internal Revenue Code of 1954; and (2) the securities of any open-end or closed-end management type investment company or investment trust registered under the federal Investment Company Act of 1940, as from time to time amended, if such investment company or trust has assets of not less than ten million dollars ($10,000,000) at date of the investment. B. All such investments shall be considered as investment in common stocks for the purpose of the limit on aggregate investments imposed by Subsection B of Section 143 [59A-9-10 NMSA 1978] of this article.

New Mexico § 59A-9-13 (Common trust funds, mutual funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.