N.M. Stat. § 59A-9-15
Policy loans.
A life insurer may lend to its policyholder or annuity contract holder, upon pledge of
the policy or contract as collateral security, any sum not exceeding the cash surrender
value of the policy or contract, or may lend against pledge or assignment of any of its
supplementary contracts or other contracts or obligations, so long as the loan is
adequately secured by such pledge or assignment.