N.M. Stat. § 59A-1-13
"Transacting insurance".
In addition to other aspects of insurance operations to which the Insurance Code by
its terms applies, "transacting insurance" with respect to an insurance contract or a
business of insurance includes any of the following, by mail or otherwise or whether or
not for profit:
A. solicitation or inducement;
B. negotiation;
C. effectuation of an insurance contract;
D. transaction of matters subsequent to effectuation and arising out of such a
contract;
E. maintenance in this state of an office or personnel performing any function in
furtherance of an insurer's business of insurance; or
F. maintenance by an insurer of assets in trust in this state for the benefit, security
or protection of its policyholders or its policyholders and creditors.