reglab/housing_qa huggingface dataset:
NM Stat § 59A-19-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 19 - Policy Language Simplification|Section 59A-19-6 - Approval of forms.

A. A policy form meeting the requirements of Subsection A of Section 362 [59A-19-4 NMSA 1978] of this article shall be approved notwithstanding the provisions of any other laws which specify the contents of policies, if the policy form provides for policyholders and claimants protection not less favorable than they would be entitled to under such laws. B. Any non-English language policy shall be deemed to be in compliance with Paragraph (1), Subsection A, of Section 362 of this article if the issuer certifies to the superintendent in writing that the policy is translated from an English-language policy which complies with such paragraph. History: Laws 1984, ch. 127, § 364. ANNOTATIONSCross references. — For existing forms and filings, see notes following 59A-5-21 NMSA 1978.
NM Stat § 59A-19-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 19 - Policy Language Simplification|Section 59A-19-7 - Effective date of approval requirement.

A. This article applies to all policy forms filed with the superintendent on or after July 1, 1984. No policy form shall be delivered or issued for delivery in New Mexico on or after July 1, 1987 unless approved by the superintendent or permitted to be issued under this article. Any policy form which has been approved by the superintendent or permitted to be issued prior to July 1, 1987 and which meets the standards set by this article need not be refiled with the superintendent for approval, but may continue to be delivered or issued for delivery in this state upon the issuer filing with the superintendent a list of such forms identified by form number and accompanied by a certificate as to each such form in the manner provided in Subsection D of Section 362 [59A-19-4 NMSA 1978] of this article. B. The superintendent, in his sole discretion, may extend the dates referred to in Subsection A of this section. History: Laws 1984, ch. 127, § 365.
NM Stat § 59A-20-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-1 - Scope of article.

This article [Chapter 59A, Article 20 NMSA 1978] applies only to contracts of life insurance, endowments and annuities, other than reinsurance, group life insurance and group annuities; except that Section 395 [59A-20-30 NMSA 1978] (variable contract law) shall also apply as to group life and group annuity contracts. History: Laws 1984, ch. 127, § 366. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 530 to 546. Failure to disclose terminal illness as basis for life insurer's avoidance of high-risk, high-premium policy requiring no health warranties or proof of insurability, 42 A.L.R.4th 158. Accident or life insurance: death by autoerotic asphyxiation as accidental, 62 A.L.R.4th 823. 44 C.J.S. Insurance § 283 et seq.
NM Stat § 59A-20-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-2 - "Annuity", "industrial life insurance" defined.

For the purposes of the Insurance Code: A. an "annuity" is a contract under which obligation is assumed by the issuer to make periodic payments for a specific term or terms where the making or continuance of all or some such payments or the amount of any such payment is dependent upon continuance of human life, except payments made pursuant to optional modes of settlement under authority of Section 108 [59A-7-2 NMSA 1978] ("life" insurance defined) of the Insurance Code. Such a contract which includes extra benefits of the kinds set forth in Section 108 ("life" insurance defined) or Section 109 [59A-7-3 NMSA 1978] ("health" insurance defined) of the Insurance Code shall nevertheless be deemed to be an annuity if such extra benefits constitute a subsidiary or incidental part of the entire contract; and B. "industrial life insurance" is that form of life insurance written under policies in face amount of two thousand five hundred dollars ($2,500) or less, and bearing the words "industrial policy" or "weekly premium policy" or words of similar import imprinted on the face thereof as part of descriptive matter, and under which premiums are payable monthly or more often. History: Laws 1984, ch. 127, § 367. ANNOTATIONSApplicability of article. — Guaranteed investment contracts were not annuities entitled to coverage under the Life and Health Insurance Guaranty Law because they did not provide periodic payments dependent on the continuation of human life. Krahling v. First Trust Nat'l Ass'n, 1997-NMCA-082, 123 N.M. 685, 944 P.2d 914, cert. denied, 123 N.M. 446, 942 P.2d 189.
NM Stat § 59A-20-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-4 - Grace period.

There shall be a provision that a grace period of thirty (30) days, or, at the option of the insurer, of one month of not less than thirty (30) days, or of four (4) weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force. The insurer may impose an interest charge not in excess of six percent per annum for the number of days of grace elapsing before the payment of the premium, and whether or not such interest charge is imposed, if a claim arises under the policy during such period of grace the amount of any premium due or overdue, together with interest and any deferred installment of the annual premium, may be deducted from the policy proceeds. History: Laws 1984, ch. 127, § 369.
NM Stat § 59A-20-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-5 - Incontestability.

There shall be a provision that the policy (exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means) shall be incontestable, except for nonpayment of premiums, after it has been in force during the lifetime of the insured for a period of two (2) years from its date of issue. History: Laws 1984, ch. 127, § 370. ANNOTATIONSDeath of the insured within the two-year contestability period. — The death of the insured within the two-year contestability period rendered the incontestibility clause unenforceable and, because of the insured's misrepresentations about her health on the application form, the insurer properly refused to pay the death benefits. Crow v. Capitol Bankers Life Ins. Co., 1995-NMSC-018, 119 N.M. 452, 891 P.2d 1206. Am. Jur. 2d, A.L.R. and C.J.S. references. — Incontestable clause as affected by reinstatement of policy, 23 A.L.R.3d 743.
NM Stat § 59A-20-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-6 - Entire contract.

There shall be a provision that the policy, or the policy and the application therefor if a copy of such application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties and that statements contained in such an application shall, in the absence of fraud, be deemed representations and not warranties. History: Laws 1984, ch. 127, § 371.
NM Stat § 59A-20-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-7 - Misstatement of age.

There shall be a provision that if the age of the insured, or of any other person whose age is considered in determining the premium or benefit, has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or ages. History: Laws 1984, ch. 127, § 372.
NM Stat § 59A-20-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-8 - Dividends, participating policies.

A. There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy, provided the policy is in force and all premiums to that date are paid. Except as hereinafter provided, any dividend becoming payable shall at the option of the party entitled to elect such option be either: (1) payable in cash; or (2) applied to any one of such other dividend options as may be stated in the policy and approved by the superintendent. B. If any such other dividend options are provided the policy shall further state which option shall be automatically effective if such party shall not have elected some other option. If the policy specifies a period within which such other dividend option may be elected, such period shall be not less than thirty (30) days following the date on which such dividend is due and payable. The annually apportioned dividend shall be deemed to be payable in cash within the meaning of Paragraph (1) above even though the policy provides that payment of such dividend is to be deferred for a specified period, provided such period does not exceed one year from the date of apportionment; however, interest will not be added to the dividend but shall be paid out annually. C. If a participating policy provides that the benefit under any paid-up nonforfeiture provision is to be participating, it may provide that any divisible surplus becoming payable or apportioned while the insurance is in force under such nonforfeiture provision shall be applied in the manner set forth in the policy. D. In participating industrial life insurance policies, in lieu of the provision required otherwise in this section, there shall be a provision that, beginning not later than the end of the fifth policy year, the policy shall participate annually in the divisible surplus, if any, in the manner set forth in the policy. History: Laws 1984, ch. 127, § 373.
NM Stat § 59A-20-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-9 - Policy loans.

A. There shall be a provision that after three (3) full years' premiums have been paid, and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer will advance, on proper assignment or pledge of the policy and on the sole security thereof, at a rate of interest not exceeding that allowable under Section 375 [59A-20-10 NMSA 1978] of this article, an amount equal to or, at the option of the party entitled thereto, less than the loan value of the policy. Before approving any policy language providing for a rate of interest in excess of eight percent, the superintendent shall require certification by the insurer that the holders of such policies will benefit through higher dividends or lower premiums, or both. The interest rate provided for by this section shall not impair the terms and conditions of any policy in force before the effective date of the Insurance Code. The loan value of the policy shall be at least equal to the cash surrender value at the end of the then current policy year, provided that the insurer may deduct, either from such loan value or from the proceeds of the loan, any existing indebtedness not already deducted in determining such cash surrender value including any interest then accrued but not due, any unpaid balance of the premium for the current policy year and interest on the loan to the end of the current policy year. The policy may also provide that if interest on any indebtedness is not paid when due it shall then be added to the existing indebtedness and shall bear interest at the same rate, and that if and when the total indebtedness on the policy, including interest due or accrued, equals or exceeds the amount of the loan value thereof, then the policy shall terminate and become void. The policy shall reserve to the insurer the right to defer the granting of a loan, other than for the payment of any premium to the insurer, for six (6) months after application therefor. The policy, at the insurer's option, may provide for automatic premium loan, subject to an election of the party entitled to elect. B. This section shall not apply to term policies nor to term insurance benefits provided by rider or supplemental policy provisions, or to industrial life insurance policies. History: Laws 1984, ch. 127, § 374. ANNOTATIONSEffective dates. — Laws 1984, ch. 127, § 999 made the Insurance Code effective January 1, 1985. Am. Jur. 2d, A.L.R. and C.J.S. references. — Right of beneficiary as against estate of insured who borrowed on the policy, 31 A.L.R.2d 979. Right of creditors of life insured as to options or other benefits available to him during his lifetime, 37 A.L.R.2d 268.
NM Stat § 59A-20-11 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-11 - Table of installments.

If the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amount of the guaranteed installments. History: Laws 1984, ch. 127, § 376.
NM Stat § 59A-20-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-12 - Reinstatement.

There shall be a provision that unless: A. the policy has been surrendered for its cash surrender value; or B. its cash surrender value has been exhausted; or C. the paid-up term insurance, if any has expired; the policy will be reinstated at any time within three (3) years (or two (2) years in the case of industrial life insurance policies) from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears with interest at a rate not exceeding six percent per annum compounded annually and the payment or reinstatement of any other indebtedness to the insurer upon the policy with interest at the applicable policy loan interest rate. History: Laws 1984, ch. 127, § 377.
NM Stat § 59A-20-13 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-13 - Premium.

There shall be a provision stating the amount of premium and the time and manner payable. History: Laws 1984, ch. 127, § 378.
NM Stat § 59A-20-14 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-14 - Payment of claims.

There shall be a provision that when a policy shall become a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy or proof of the interest of the claimant. If an insurer shall specify a particular period prior to the expiration of which settlement shall be made, such period shall not exceed two months from the receipt of such proofs. History: Laws 1984, ch. 127, § 379. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — Policy provision limiting time within which action may be brought on the policy as applicable to tort action by insured against insurer, 66 A.L.R.4th 859.
NM Stat § 59A-20-15 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-15 - Beneficiary, industrial policies.

An industrial life insurance policy shall have the name of the beneficiary designated thereon with a reservation of the right to change the beneficiary after the issuance of the policy. The policy may also provide that no designation or change of beneficiary shall be binding on the insurer until endorsed on the policy by the insurer, and that the insurer may refuse to endorse the name of any proposed beneficiary who does not appear to the insurer to have an insurable interest in the life of the insured. The policy may also provide that if the beneficiary designated in the policy does not make a claim under the policy or does not surrender the policy with due proof of death within the period stated in the policy, which shall not be less than thirty (30) days after the death of the insured, or if the beneficiary is the estate of the insured, or is a minor, or dies before the insured, or is not legally competent to give a valid release, then the insurer may make any payment thereunder to the executor or administrator of the insured, or to any relative of the insured by blood or legal adoption or connection by marriage, or to any person appearing to the insurer to be equitably entitled thereto by reason of having been named beneficiary or by reason of having incurred expense for the maintenance, medical attention or burial of the insured. The policy may also include a similar provision applicable to any other payment due under the policy. History: Laws 1984, ch. 127, § 380. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — Property settlement agreement as affecting divorced spouse's right to recover as named beneficiary under former spouse's life insurance policy, 31 A.L.R.4th 59.
NM Stat § 59A-20-16 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|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 such exclusions or restrictions are excepted in such clause. B. The reinstatement of a life insurance policy, whether heretofore or hereafter issued in this state, shall be incontestable after the same period following reinstatement and with the same conditions and exceptions, as provided in the policy with respect to incontestability thereof. History: Laws 1984, ch. 127, § 381. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 54; 44 Am. Jur. 2d Insurance, §§ 1155 to 1179. What constitutes medical or surgical treatment, or the like, within exclusionary clause of accident policy or accidental-death feature of life policy, 56 A.L.R.5th 471. 46 C.J.S. Insurance § 996 et seq.
NM Stat § 59A-20-17 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-17 - Standard provisions, annuity and pure endowment contracts.

A. No annuity or pure endowment contract, other than a reversionary annuity (also called survivorship annuities) or group annuities and except as stated in this section, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions as specified in Sections 383 through 388 [59A-20-18 to 59A-20-23 NMSA 1978] of this article. Any of such provisions not applicable to single-premium annuities or single-premium pure endowment contracts shall not, to that extent, be incorporated therein. B. This section does not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies. History: Laws 1984, ch. 127, § 382. ANNOTATIONSCross references. — For existing forms and filings, see notes following 59A-5-21 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 260.
NM Stat § 59A-20-18 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-18 - Annuities, grace period.

In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of one month, but not less than thirty (30) days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer to an interest charge thereon at a rate to be specified in the contract but not exceeding six percent per annum for the number of days of grace elapsing before such payment, during which period of grace the contract shall continue in full force; but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer or the deferred payments of the current contract year, if any, are made, the amount of such payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement. History: Laws 1984, ch. 127, § 383.
NM Stat § 59A-20-19 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-19 - Annuities, incontestability.

If any statements other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity and subject to Section 386 [59A-20-21 NMSA 1978] of this article, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom such statements are required, for a period of two (2) years from its date of issue, except for nonpayment of stipulated payments to the insurer, and at the option of the insurer such contract may also except any provisions relative to benefits in the event of disability and any provisions which grant insurance specifically against death by accident or accidental means. History: Laws 1984, ch. 127, § 384.
NM Stat § 59A-20-20 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-20 - Annuities, entire contract.

In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties. History: Laws 1984, ch. 127, § 385.
NM Stat § 59A-20-21 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-21 - Annuities, misstatement of age or sex.

In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that if the age or sex of the person or persons upon whose life or lives the contract is made, or of any of them, has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age or sex and that if the insurer makes or has made any overpayment or overpayments on account of any such misstatement, the amount thereof, with interest at the rate to be specified in the contract but not exceeding six percent per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract. History: Laws 1984, ch. 127, § 386.
NM Stat § 59A-20-22 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-22 - Annuities, dividends.

If an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract. History: Laws 1984, ch. 127, § 387.