Section 59A-21-26 – Purpose.
The purpose of this act [59A-21-26 to 59A-21-28 NMSA 1978] is to permit and set guidelines for life insurers to include in life insurance policies issued after the effective date of this act a provision for periodic adjustment of policy loan interest rates. History: 1978 Comp., § 59-16-44, enacted by Laws 1983, ch. 283, § […]
Section 59A-21-27 – Definition.
For the purposes of this act [59A-21-26 to 59A-21-28 NMSA 1978], “published monthly average” means “Moody’s corporate bond yield average-monthly average corporates” as published by Moody’s Investors Service, Inc. or any successor thereto or in the event that “Moody’s corporate bond yield average-monthly average corporates” is no longer published, a substantially similar average as established […]
Section 59A-21-28 – Maximum rate of interest on policy loans.
A. Policies issued on or after the effective date of this act shall provide for policy loan interest rates as follows: (1) a provision permitting a maximum interest rate of not more than eight percent per year; or (2) a provision permitting an adjustable maximum interest rate established from time to time by the life […]
Section 59A-21-21 – Conversion privilege; death benefit.
A group life insurance policy shall contain in substance a provision that if a person insured under the group policy, or the insured dependent of a covered person, dies during the period within which he would have been entitled to have an individual policy issued to him in accordance with Sections 416 or 417 [59A-21-19 […]
Section 59A-21-22 – Conversion privilege; extension by failure to give notice.
If any individual insured under a group life insurance policy hereafter delivered in this state becomes entitled under the terms of such policy to have an individual policy of life insurance issued to him without evidence of insurability, subject to making of application and payment of the first premium within the period specified in such […]
Section 59A-21-23 – Continuance of coverage during total disability.
Where active employment is a condition of insurance, a group life insurance policy shall contain a provision in substance that an insured may continue coverage during the insured’s total disability by timely payment to the policyholder of that portion, if any, of the premium that would have been required from the insured had total disability […]
Section 59A-21-24 – Assignment of interest under policy.
A. Subject to the terms of the policy relating to assignment of incidents of ownership, a person whose life is insured under any policy of group life insurance can assign all or any part of his incidents of ownership under the policy including any right to designate a beneficiary under the policy and any right […]
Section 59A-21-25 – Coverage under group policy issued in another state.
A. No group life insurance coverage shall be offered in this state by an insurer under a policy issued in another state if the superintendent, or the appropriate insurance supervisory public official of another state, has determined that: (1) issuance of the group policy was contrary to the best interests of the public; (2) issuance […]
Section 59A-21-11 – Standard and required provisions.
A. No policy of group life insurance shall be delivered in this state unless it contains in substance the provisions as required by Sections 409 through 419 [59A-21-12 to 59A-21-22 NMSA 1978] of this article or provisions which, in the superintendent’s opinion, are more favorable to the persons insured, or at least as favorable to […]
Section 59A-21-12 – Grace period.
A group life insurance policy shall contain in substance a provision that the policyholder is entitled to a grace period of thirty-one (31) days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder shall have given the insurer written […]