2019 New Mexico Statutes
Chapter 59A - Insurance Code
Article 34 - Domestic Stock and Mutual Insurers
Section 59A-34-5 - Filing, recording of articles; authority to raise capital or transact insurance required.

A. When executed and acknowledged by the incorporators, the articles of incorporation shall be filed with the secretary of state, and copies thereof certified by the secretary of state shall be filed with the superintendent and recorded in the office of the county clerk in the county of New Mexico wherein the corporation proposes to have its principal place of business.

B. Upon completion of such filings and recording, the secretary of state shall issue to the corporation a certificate of incorporation, and incorporation shall be deemed effective as of date of issuance of such certificate.

C. The corporation shall not raise any capital through sale of shares or otherwise except in compliance with Chapter 59A, Article 35 NMSA 1978, and shall not transact business as an insurer until it has applied for and received from the superintendent a certificate of authority as provided for under Chapter 59A, Article 5 NMSA 1978.

History: Laws 1984, ch. 127, § 551; 2013, ch. 75, § 20.

The 2013 amendment, effective July 1, 2013, required that articles of incorporation be filed with the secretary of state; in Subsection A, after "shall be filed", deleted "in the office of the corporation commission" and added "with the secretary of state" and after "certified by the", deleted "corporation commission" and added "secretary of state"; in Subsection B, after "filings and recording, the", deleted "corporation commission" and added "secretary of state"; and in Subsection C, after "compliance with", added "Chapter 59A", after "Article 35" deleted "(sale of insurance securities) of the insurance code" and added "NMSA 1978", after "provided for under", added "Chapter 59A", and after "Article 5", deleted "(authorization of insurers and general requirements) of the Insurance Code" and added "NMSA 1978".