A. An insurer may invest in:
(1) a bank's common trust fund as defined in Section 584 of the United States Internal Revenue Code of 1954; and
(2) the securities of any open-end or closed-end management type investment company or investment trust registered under the federal Investment Company Act of 1940, as from time to time amended, if such investment company or trust has assets of not less than ten million dollars ($10,000,000) at date of the investment.
B. All such investments shall be considered as investment in common stocks for the purpose of the limit on aggregate investments imposed by Subsection B of Section 143 [59A-9-10 NMSA 1978] of this article.
History: Laws 1984, ch. 127, § 146.
ANNOTATIONSCross references. — For Section 584 of the United States Internal Revenue Code of 1954, see 26 U.S.C. § 584.
For the federal Investment Company Act of 1940, see 15 U.S.C. § 80a-1 et seq.