Section 59A-44-39 – Penalties.
A. Any person who willfully makes a false or fraudulent statement in or relating to an application for membership or for the purpose of obtaining money from or a benefit in any society, shall upon conviction be fined not less than one hundred dollars ($100) or more than one thousand dollars ($1,000). B. Any person […]
Section 59A-44-40 – Exemption of certain societies.
A. Nothing contained in Chapter 59A, Article 44 NMSA 1978 shall be so construed as to effect or apply to: (1) grand or subordinate lodges of societies, orders or associations now doing business in this state that provide benefits exclusively through local or subordinate lodges; (2) orders, societies or associations that admit to membership only […]
Section 59A-44-41 – Applicability of Insurance Code.
To the extent not in conflict with the express provisions of Chapter 59A, Article 44 NMSA 1978 and the reasonable implications thereof, the following provisions of the Insurance Code [Chapter 59A NMSA 1978] shall also apply as to fraternal benefit societies, and for such purpose a society may therein be referred to as an “insurer”: […]
Section 59A-44-31 – Suspension, revocation or refusal of license of foreign or alien society.
A. When the superintendent upon investigation finds that a foreign or alien society transacting or applying to transact business in this state: (1) has exceeded its powers; (2) has failed to comply with any of the provisions of Chapter 59A, Article 44 NMSA 1978; (3) is not fulfilling its contracts in good faith; or (4) […]
Section 59A-44-22 – Funds.
A. All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit contract. B. A society may create, maintain, […]
Section 59A-44-23 – Exemptions.
Except as herein provided, societies shall be governed by Chapter 59A, Article 44 NMSA 1978 and shall be exempt from all other provisions of the insurance laws of this state unless they are expressly designated therein, or unless it is specifically made applicable by that article. History: 1978 Comp., § 59A-44-23, enacted by Laws 1989, […]
Section 59A-44-24 – Taxation.
Every society organized or licensed under Chapter 59A, Article 44 NMSA 1978 is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal and school tax other than taxes on real estate and office equipment. History: 1978 Comp., § 59A-44-24, […]
Section 59A-44-25 – Valuation.
A. Standards of valuation for certificates issued prior to one year after the effective date of this act shall be those provided by the laws applicable immediately prior to the effective date of this act. B. The minimum standards of valuation for certificates issued on or after one year from the effective date of this […]
Section 59A-44-26 – Reports.
Reports shall be filed in accordance with the provisions of this section as follows: A. every society transacting business in this state shall annually, on or before the first day of March, unless for cause shown such time has been extended by the superintendent, file with the superintendent a true statement of its financial condition, […]
Section 59A-44-27 – Certificates of authority.
Societies which are now authorized to transact business in this state may continue such business until March 1 next succeeding the effective date of this act. The authority of such societies and all societies thereafter licensed shall continue in force as long as the society is entitled thereto under that article and until suspended or […]