New Mexico Statutes 59A-34-3. Insurance business exclusive; exceptions
Current as of: 2024 | Check for updates
|
Other versions
A. Except as provided in this section, no domestic insurer shall engage in any business other than the insurance business and in business activities reasonably and necessarily incidental to such insurance business.
Terms Used In New Mexico Statutes 59A-34-3
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
B. A title insurer may also engage in business as an escrow agent.
C. Any insurer may also engage in business activities reasonably related to the management, supervision, servicing of and protection of its interests as to its lawful investments, and to full utilization of its facilities.
D. An insurer may own subsidiaries which may engage in such businesses as are provided for in Section 145 [59A-9-12 N.M. Stat. Ann.] of the Insurance Code.