New Mexico Statutes Chapter 59A. Insurance Code § 59A-34-22. Purchase of own shares by stock insurer

(1) for elimination of fractional shares;

(2) incidental to enforcement of rights of the insurer as to lawful transactions previously entered into in good faith for purposes other than acquisition of such shares;

(3) for purposes of a general savings and investment plan for the insurer's personnel;

(4) for mutualization of the insurer as provided in Section 580 of this article;

(5) for purposes of cancellation in connection with plan of recapitalization or reduction or reclassification of outstanding shares, or under other plan submitted to and approved in writing by the superintendent. The superintendent shall not approve a plan unless found by him to be for reasonable purposes, to be equitable as to the remaining stockholders of the insurer and not materially adverse to protection of policyholders; or

(6) as result of gift or bequest of the shares to the insurer.