§ 59A-9-18 — Miscellaneous investments

A. An insurer may make loans or investments not otherwise expressly permitted under this article, in an aggregate amount not exceeding five percent of the insurer's assets and not exceeding one percent of such assets as to any one such loan or investment, if the loan or investment meets the requirements of Section 136 [59A-9-3 NMSA 1978] (general qualifications) of this article and by reason of safety of principal and yield otherwise qualifies as a sound investment. No such loan or investment shall be represented by: (1) any item described in Section 119 [59A-8-2 NMSA 1978] (assets not allowed) of the Insurance Code or any loan or investment otherwise expressly prohibited; (2) agents' balances, or amounts advanced to or owing by agents; (3) any category of loans or investments expressly eligible under any other provision of this article; or (4) any investment theretofore acquired or held by the insurer under any other category of loans or investments eligible under this article. B. The insurer shall keep a separate record of all loans and investments made under this section.

Legislative History

Laws 1984, ch. 127, § 151.