N.M. Admin. Code § 13.3.5.10 - REGISTRATION BY NOTIFICATION

If an insurance security would qualify for registration by notification pursuant to Section 58-13-5 A NMSA 1978 if it were not exempt from that provision pursuant to Section 58-13-29 C(3) NMSA 1978, it may be registered by notification with the superintendent.

A. Information required: A registration statement for registration by notification shall contain the following information:

(1) a statement demonstrating eligibility form registration by notification;

(2) the issuer's name, address and form of organization, the state of foreign jurisdiction and the date of its organization and the general character and location of its business;

(3) a description of the securities being registered;

(4) the total amount of securities to be offered and amount of securities to be offered in this state;

(5) the price at which the securities are to be offered for sale to the public, any variation therefrom at which any portion of the offering is to be made to any persons other than as underwriting and selling discounts or commissions and finders' fees, including cash, securities or anything else of value;

(6) names and addresses of the managing underwriters and a description of the plan of distribution of any securities which are to be offered other than through an underwriter;

(7) a description of any security options outstanding or to be created in connection with the offering.

B. Documents Required. A registration statement for registration by notification shall be accompanied by the following documents, along with a consent to service of process:

(1) any adverse order, judgment or decree previously entered in connection with the offering by any court or by the securities and exchange commission;

(2) a copy of any offering circular or prospectus to be used in connection with the offering;

(3) in the case of security qualifying for registration by notification under Section 58-13-5 A(2) NMSA 1978 which does not also satisfy the conditions of Section 58-13-5 A(1) NMSA 1978, a balance sheet of the issuer, certified by a certified public accountant as of a date within four months prior to the filing of the registration statement, and a summary of earnings for each of the two fiscal years preceding the date of the balance sheet and for any period between the close of the last fiscal year and the date of the balance sheet, or for the period of the issuer's and any predecessor's existence if less than two years;

(4) any agreements with or among underwriters with respect to the offering;

(5) any instrument governing the insurance of the security to be registered;

(6) and a specimen of the security.

C. If no stop order is in effect and no proceeding is pending, a registration statement filed pursuant to this section automatically becomes effective at 3:00 p.m. eastern standard time in the afternoon of the second full business day after the filing of the registration statement or the last amendment, or at an earlier time as the superintendent determines.

D. A prospectus regarding the securities described in an application for registration by notification shall contain the information required pursuant to Section 58-13-6 NMSA 1978 for securities registered by notification pursuant to the New Mexico Securities Act.

E. The superintendent of insurance may, on the request of the registered dealer or issuer filing the registration statement, waive the furnishing in a prospectus of any item of information or any document which the superintendent of insurance deems to be unnecessary in view of the nature of the securities described in such statement.

F. If the securities described in a registration statement are registered under the Securities Act of 1933, the superintendent shall accept in lieu of the prospectus prescribed in this section the prospectus filed under the Securities Act of 1933 with all amendments to that prospectus as of the date on which the registration statement is filed under this section.

Notes

N.M. Admin. Code § 13.3.5.10

12/1/85; Recompiled 11/30/01