Section 59A-20-24 – Standard provisions; reversionary annuities.
A. Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: (1) the provisions specified in Sections 383 through 387 [59A-20-18 to 59A-20-22 NMSA 1978] of this article, except that under Section 383 […]
Section 59A-20-25 – Limitation of liability.
A. No policy of life insurance shall be delivered or issued for delivery in this state if it contains any of the following provisions: (1) a provision for a period of not less than five years within which an action at law or in equity may be commenced after the cause of action shall accrue; […]
Section 59A-20-26 – Prohibited provisions.
A. No life insurance policy shall be delivered or issued for delivery in this state if it contains any of the following provisions: (1) a provision by which the policy purports to be issued or to take effect more than one year before the original application for the insurance was made; (2) a provision for […]
Section 59A-20-27 – Provisions required by other jurisdictions.
A. The policies of a foreign life insurer may contain any provision which the law of the insurer’s state or country of domicile prescribes shall be in such policies when issued in this state; and the policies of a domestic life insurer when issued or delivered in any other state or country may contain any […]
Section 59A-20-28 – Special requirements as to participating policies.
Beginning as of January 1, 1964: A. no life insurer shall issue both participating and nonparticipating policies unless at least eighty percent of the gains from the participating policies innure [inure] to the benefit of the holders of the participating policies; B. any insurer having both participating and nonparticipating policies in force shall keep a […]
Section 59A-20-29 – Prohibited policy plans.
A. No life insurer shall deliver or issue for delivery in this state: (1) as part of or in combination with any life insurance, endowment or annuity contract, any agreement or plan, additional to the rights, dividends and benefits arising out of any such contract, which provides for accumulation of profits over a period of […]
Section 59A-20-30 – Variable contract law.
A. A domestic life insurer may establish one or more separate accounts and may allocate thereto amounts (including without limitation proceeds applied under optional modes of settlement or under dividend options) to provide for life insurance or annuities (and benefits incidental thereto), payable in fixed or variable amounts or both, subject to the following: (1) […]
Section 59A-20-31 – Standard Nonforfeiture Law; life insurance.
A. In the case of policies issued on and after the operative date of this section, as defined in Subsection K of this section, no policy of life insurance, except as stated in Subsection J of this section, shall be delivered or issued for delivery in this state unless it shall contain in substance the […]
Section 59A-20-16 – Incontestability; excluded or restricted coverage; after reinstatement.
A. A clause in any life insurance policy providing that the policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or restrict coverage, whether or not […]
Section 59A-20-32 – Nonforfeiture benefits, cash surrender values; life policies issued prior to operative date of 1943 Standard Nonforfeiture Law.
A. This section shall apply only to those life insurance policies issued prior to the operative date of the Standard Nonforfeiture Law as first enacted by Laws of 1943, Chapter 109. B. A nonforfeiture benefit shall be available to the owner of the policy in event of default in premium payments, after a premium shall […]