No person shall sell or offer for sale in this state any security not exempt under Section 596 [59A-35-7 NMSA 1978] of this article, unless registered with the superintendent, covered by a subsisting securities permit issued by the superintendent and otherwise in compliance with requirements of this article.
History: Laws 1984, ch. 127, § 595.
ANNOTATIONSCross references. — For treatment of investment securities in the Uniform Commercial Code, see 55-8-101 to 55-8-511 NMSA 1978.
Compiler's notes. — The annotations appearing below were abstracted from attorney general opinions decided under the prior Sale of Insurance Securities Act (former 59-13-1 NMSA 1978 et seq.).
Legislative intent. — The legislative intention was to preclude the sale of insurance securities to New Mexico residents by persons not licensed by the New Mexico superintendent of insurance where any portion of the negotiation took place in New Mexico. 1962 Op. Att'y Gen. No. 62-57.
Sales outside state. — As to sales consummated outside the state, the governing language is that portion of this section which provides that no unlicensed person shall "sell or propose to sell to the public in this state" any insurance securities. 1962 Op. Att'y Gen. No. 62-57.
Complete regulation of insurance securities for superintendent. — An analysis of the Securities Act (former 58-13-1 NMSA 1978 et seq.) and this act (former 59-13-1 NMSA 1978 et seq.) leads to the conclusion that the legislature intended for the superintendent of insurance to have complete regulation over the sale of insurance company securities. 1969 Op. Att'y Gen. No. 69-97.
Dealers and salesmen to be licensed. — A person licensed to sell insurance securities under this act (former 59-13-1 NMSA 1978 et seq.) does not have to be registered under the Securities Act (now see 58-13B-1 NMSA 1978, et seq.) in order to sell this particular type of securities. 1962 Op. Att'y Gen. No. 62-57.
Since this statute (former 59-13-2 NMSA 1978) obviously covers all types of insurance company stocks and securities, the dealer and salesmen who sell insurance securities must be licensed by the superintendent of insurance. 1962 Op. Att'y Gen. No. 62-57.