N.M. Admin. Code § 13.2.4.11

Current through Register Vol. 35, No. 24, December 23, 2024

Section 13.2.4.11 - ASSETS ELIGIBLE FOR DEPOSIT

All statutory deposits required by the New Mexico Insurance Code shall be comprised solely of securities which are:

A. described and permitted by Section 59A-10-3 NMSA 1978 as the same may be amended from time to time, and either:

(1) traded on a national securities exchange and for which daily "bid" prices are regularly published and available;

(2) public obligations as defined in Section 59A-9-6 NMSA 1978 or

(3) certificates of deposit in solvent state and national banks or trust companies whose principal office is located in New Mexico, provided that no deposit shall include certificates of deposit aggregating more than $100,000 under the valuation method described herein;

B. all public obligations other than direct obligations of the United States government shall:

(1) have a Standard and Poors bond rating of "AA" or greater, a Moody's bond rating of "Aa" or better; or

(2) be designated in a current Kinney's information systems preferred bond service as "escrowed to maturity" and "secured in 100% direct U.S. government";

(3) all other bonds or other evidences of obligation other than certificates of deposit shall have astandard and poors or moody's bond rating of "A" or better;

(4) no security shall be eligible hereunder which shall provide for a scheduled return or partial return of principal prior to maturity.

N.M. Admin. Code § 13.2.4.11

8/24/87, 12/4/87; 13.2.4.11 NMAC - Rn, 13 NMAC 2.4.11, 6/14/07