Section 59A-21-8 – Association groups.
A policy of group life insurance may be issued to any association organized in this state by any group of professional or business persons required to be licensed under the laws of the state in order to engage in such profession or business, or to any agricultural association organized under the laws of this state, […]
Section 59A-21-9 – Discretionary groups.
A policy of group life insurance may be issued to any other group that, in the discretion of the superintendent, may be subject to the issuance of a group life insurance contract. History: Laws 1984, ch. 127, § 406a; 2013, ch. 74, § 25. ANNOTATIONS The 2013 amendment, effective March 29, 2013, authorized the superintendent […]
Section 59A-21-10 – Dependents’ coverage.
Insurance under any group life insurance policy issued pursuant to Sections 59A-21-4 and 59A-21-6 through 59A-21-8 NMSA 1978 may be extended to insure the dependents, or any class or classes thereof, of each employee or member who so elects. The term “dependent” means the spouse of the employee or member and an employee’s or member’s […]
Section 59A-21-1 – Short title; purpose.
A. This article [Chapter 59A, Article 21 NMSA 1978] may be cited as the “Group Life Insurance Law”. B. The purpose of this article is to define group life insurance and to prescribe standard provisions required in policies of group life insurance, in order to promote the peace, health and safety of the inhabitants of […]
Section 59A-21-2 – Group contracts must meet requirements.
A. No life insurance policy shall be delivered or issued for delivery in this state insuring the lives of more than one individual unless to a group defined in this article and otherwise in compliance with this article. B. Subsection A hereof does not apply to life insurance policies insuring only individuals: (1) related by […]
Section 59A-21-3 – “Group policy” defined.
For the purposes of the Insurance Code “policy of group life insurance” or “group life policy” mean the contract of group life insurance delivered to the policyholder and not the certificate of insurance delivered to individuals insured under such contract. History: Laws 1984, ch. 127, § 401. ANNOTATIONS Cross references. — For the Insurance Code, […]
Section 59A-21-4 – Employee groups.
A policy of group life insurance may be issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to the following requirements: A. the employees […]
Section 59A-21-5 – Debtor groups.
A policy of group life insurance may be issued to a creditor or its parent holding company or to a trustee or trustees or agent designated by two or more creditors, which creditor, holding company, affiliate, trustee, trustees or agent shall be deemed the policyholder, to insure debtors of the creditor, or creditors, subject to […]