2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 34 - Domestic Stock and Mutual Insurers
Section 59A-34-12 - Assets to be kept in state; exceptions.

Universal Citation: NM Stat § 59A-34-12 (2017)

59A-34-12. Assets to be kept in state; exceptions.

A. Every domestic insurer shall keep its assets within this state except as requisite for normal transaction of business.

B. An insurer may maintain in or in connection with its branch office located outside this state furniture, fixtures, supplies and funds normally required for operation of the branch office.

C. An insurer may maintain on deposit with or through the insurance supervisory officer of another state, province or country securities as required for authority to transact insurance therein.

D. An insurer may have on deposit temporarily with established securities brokerage firms outside this state securities as required for purchase or sale of securities on the insurer's account, and shall have in its records adequate written receipt evidencing such deposit.

E. An insurer may be owner of book-entry securities of the Federal Reserve Bank.

History: Laws 1984, ch. 127, 558.

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