reglab/housing_qa huggingface dataset:
NM Stat § 59A-20-23 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-23 - Annuities, reinstatement.

In any annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract but not exceeding six percent per annum payable annually, and in cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer. History: Laws 1984, ch. 127, § 388.
NM Stat § 59A-20-24 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|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 (grace period) the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue payment in lieu of providing for deduction of such payments from an amount payable upon settlement under the contract; and (2) there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract are paid, or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent per annum compounded annually. B. This section does not apply to group annuities or to annuities included in life insurance policies, and any of such provisions not applicable to single premium annuities shall not to that extent be incorporated therein. History: Laws 1984, ch. 127, § 389. ANNOTATIONSCross references. — For existing forms and filings, see notes following 59A-5-21 NMSA 1978.
NM Stat § 59A-20-26 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|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 any mode of settlement at maturity of the policy of less value than the amount insured under the policy, plus dividend additions, if any, less any indebtedness to the insurer on or secured by the policy and less any premium that may by the terms of the policy be deducted; or (3) a provision to the effect that the agent soliciting the insurance is the agent of the person insured under the policy, or making the acts or representations of such agent binding upon the insured. B. No policy of industrial life insurance shall contain any of the following provisions: (1) a provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer; (2) a provision giving the insurer the right to declare the policy void because the insured has had any disease or ailment, whether specified or not, or because the insured has received institutional, hospital, medical or surgical treatment or attention, except a provision which gives the insurer the right to declare the policy void if the insured has, within two (2) years prior to the issuance of the policy, received institutional, hospital, medical or surgical treatment or attention and if the insured or claimant under the policy fails to show that the condition occasioning such treatment or attention as revealed in the application was not of a serious nature or was not material to the risk; or (3) a provision giving the insurer the right to declare the policy void because the insured has been rejected for insurance, unless such right be conditioned upon a showing by the insurer that knowledge of such rejection would have led to a refusal by the insurer to make such contract. History: Laws 1984, ch. 127, § 391. 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 § 818. Validity, construction and effect of approval or disapproval by insurance commissioner or similar official of policy, 119 A.L.R. 877.
NM Stat § 59A-20-27 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|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 provisions required by the law of such other state or country, anything in this article notwithstanding. B. If any policy or contract subject to this article is issued by a domestic insurer for delivery to a person residing in another state, and if the administrator of the insurance laws of the other state informs the superintendent that such policy or contract is not subject to approval by him, the superintendent may by ruling require that such policy or contract contain the applicable standard provisions set forth in this article. History: Laws 1984, ch. 127, § 392. ANNOTATIONSCross references. — For existing forms and filings, see notes following 59A-5-21 NMSA 1978.
NM Stat § 59A-20-28 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|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 separate accounting for each such class of business and make and include in its annual statement filed with the superintendent a separate statement showing the gains, losses and expenses attributable to participating and nonparticipating business respectively, and showing how any general expense of the insurer has been apportioned to each such class; and C. this section shall not apply to any insurer whose life insurance in force consists of ninety percent or more in either participating or nonparticipating business, as measured by premiums received; nor shall it apply as to business in force in other states or jurisdictions, nor to paid-up, temporary insurance, or pure endowment benefits issued or granted pursuant to the provisions of the Standard Nonforfeiture Law as set out in Section 396 [59A-20-31 NMSA 1978] of this article, nor as to reinsurance or annuity contracts. History: Laws 1984, ch. 127, § 393.
NM Stat § 59A-20-32 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|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 have been paid for three (3) years and shall be a stipulated form of insurance effective from the due date of the premium, the net value of which shall be at least equal to the reserve at the date of default on the policy and on any dividend additions thereto, less a sum of not more than two and one-half percent of the amount insured by the policy and of any existing dividend additions thereto, and less any existing indebtedness to the insurer on or secured by the policy. The policy shall specify the mortality table and rate of interest adopted from computing such reserves and shall stipulate that it may be surrendered to the insurer at its home office within one (1) month from date of default, for a specified cash value at least equal to the sum which would otherwise be available for the purchase of insurance as above stated. History: Laws 1984, ch. 127, § 397. ANNOTATIONSCompiler's notes. — The phrase "operative date of the Standard Nonforfeiture Law", referred to in Subsection A, means July 11, 1943, the effective date of Laws 1943, Chapter 109, which enacted the original 1943 Standard Nonforfeiture Law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance §§ 432, 582 to 584, 645, 654 to 686. 44 C.J.S. Insurance § 300; 45 C.J.S. Insurance § 847 et seq.
NM Stat § 59A-20-34 to 59A-20-36 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20 - Life Insurance and Annuity Contracts|Section 59A-20-34 to 59A-20-36 - Repealed.

ANNOTATIONSRepeals. — Laws 1999, ch. 246, § 12 repealed 59A-20-34 to 59A-20-36 NMSA 1978, as enacted by Laws 1989, ch. 376, §§ 1 to 3, relating to living benefits contracts, effective July 1, 2000. For provisions of former sections, see the 1998 NMSA 1978 on NMOneSource.com.
NM Stat § 59A-20A-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-1 - Short title.

This act [59A-20A-1 to 59A-20A-11 NMSA 1978] may be cited as the "Viatical Settlements Act". History: Laws 1999, ch. 246, § 1. ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000.
NM Stat § 59A-20A-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-2 - Definitions.

As used in the Viatical Settlements Act: A. "broker" means a person or his authorized representative who on behalf of a viator and for a fee, commission or other valuable consideration offers or attempts to negotiate viatical settlements between a viator and one or more providers. "Broker" does not include an attorney, accountant or financial planner retained by the viator to represent him; B. "financing entity" means an underwriter, placement agent, lender, purchaser of securities, credit enhancer, purchaser of a policy or certificate from a provider or any other person who may be a party to a contract and who has a direct ownership in a policy or certificate that is the subject of a contract but whose sole activity related to the transaction is providing funds to effect the viatical settlement and who has an agreement in writing with a provider to act as a participant in a financing transaction; C. "financing transaction" means a transaction in which a provider or a financing entity obtains financing for contracts or viaticated policies or interests in such contracts or policies, including any secured or unsecured financing, any securitization transaction or any securities offering either registered or exempt from registration under federal and state securities law, or any direct purchase of interests in a policy or certificate; D. "provider" means a person or his authorized representative who obtains financing from a financing entity for the purchase, acquisition, transfer or other assignment of one or more viatical settlement contracts or viaticated policies or interests in such contracts or policies, or otherwise sells, assigns, transfers, pledges, hypothecates or otherwise disposes of one or more viatical settlement contracts or viaticated policies or interests in such contracts or policies. Provider does not include: (1) a bank, savings bank, savings and loan association, credit union or other lending institution that takes an assignment of a life insurance policy as collateral for a loan; (2) the issuer of a life insurance policy providing accelerated benefits under and pursuant to the contract; or (3) a natural person who enters into no more than one agreement in a calendar year for the transfer of life insurance policies for any value less than the expected death benefit; E. "viatical settlement contract" means a written agreement entered into between a provider and a viator; F. "viaticated policy" means a life insurance policy or certificate that has been acquired by a provider pursuant to a viatical settlement contract; and G. "viator" means the owner of a life insurance policy or a certificate holder under a group policy insuring the life of a person with a catastrophic, life-threatening or chronic illness or condition who enters or seeks to enter into a viatical settlement contract. History: Laws 1999, ch. 246, § 2. ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000.
NM Stat § 59A-20A-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-3 - License requirements; fees.

A. A person shall not operate as a provider or broker without a license from the superintendent. B. Application for a provider or broker license shall be made to the superintendent by the applicant on a form prescribed by the superintendent. C. An application or renewal shall be accompanied by the applicable fee as specified in Section 59A-6-1 NMSA 1978. D. Licenses may be renewed from year to year on the anniversary date of licensure upon payment of the annual renewal fee. Failure to pay the fee by the renewal date shall result in revocation of the license. E. The applicant shall provide information on forms required by the superintendent. The superintendent may require the applicant to fully disclose the identity of all stockholders, partners, officers, members and employees and representatives, and the superintendent may refuse to issue a license if not satisfied that a stockholder, partner, officer, member, employee or representative who may materially influence the applicant's conduct meets the standards of the Viatical Settlements Act. F. A license issued to an applicant authorizes all members, officers, representatives and designated employees to act as providers or brokers, as applicable, under the license, and all those persons shall be named in the application and any supplements to the application. G. Upon the filing of an application and the payment of the license fee, the superintendent may make an investigation of each applicant and issue a license if the superintendent finds that the applicant: (1) has provided a detailed plan of operation; (2) is competent and trustworthy and intends to act in good faith in the capacity provided by the license applied for; (3) has a good business reputation and has had experience, training or education so as to be qualified in the business for which licensure is sought; and (4) if not a natural person, provides a certificate of good standing from the state of its domicile. H. The superintendent shall not issue a license to an applicant unless a written designation of an agent for service of process is filed and maintained with the superintendent or the applicant has filed with the superintendent the applicant's written irrevocable consent that any action against the applicant may be commenced by service of process on the superintendent. History: Laws 1999, ch. 246, § 3; 2011, ch. 127, § 15. ANNOTATIONSThe 2011 amendment, effective July 1, 2011, imposed the license fees specified in Section 59A-6-1 NMSA 1978.
NM Stat § 59A-20A-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-4 - License denial, suspension, revocation or refusal to renew.

A. The superintendent may deny, suspend, revoke or refuse to renew the license of a provider or broker if the superintendent finds that: (1) there was any material misrepresentation in the application for the license; (2) the licensee, including any officer, partner, member, key management personnel or representative of the licensee, has been convicted of fraudulent or dishonest practices, is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent; (3) the licensee has pleaded guilty or nolo contendere, or been found guilty of, any felony or a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court; (4) the licensee no longer meets the requirements for initial licensure; (5) the licensee has performed any act prohibited by the Viatical Settlements Act; (6) the provider demonstrates a pattern of unreasonable payments to viators; (7) the provider has entered into a viatical settlement contract that has not been approved in accordance with the Viatical Settlements Act; (8) the provider has failed to honor contractual obligations set out in a viatical settlement contract; or (9) the provider has assigned, transferred or pledged a viaticated policy to a person other than another provider licensed in New Mexico or a financing entity. B. Before the superintendent suspends, revokes or refuses to renew the license of a provider or broker, the superintendent shall conduct a hearing in accordance with Chapter 59A, Article 4 NMSA 1978. C. Any person aggrieved by denial of an application may request a hearing before the superintendent in accordance with the provisions of Chapter 59A, Article 4 NMSA 1978. History: Laws 1999, ch. 246, § 4. ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000.
NM Stat § 59A-20A-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-5 - Approval of viatical settlement contracts and disclosure statements; contract terms.

A. A person shall not use a viatical settlement contract or provide a disclosure statement form to a viator in New Mexico unless filed with and approved by the superintendent. The superintendent shall disapprove a viatical settlement contract or disclosure statement form if, in the superintendent's opinion, it is unreasonable, contrary to the interests of the public or otherwise misleading or unfair to the viator. B. The viatical settlement contract shall establish the terms under which the provider will pay compensation or anything of value, which compensation or value is less than the expected death benefit of the insurance policy or certificate, in return for the viator's assignment, transfer, sale, devise or bequest to the provider of the death benefit or ownership of all or a portion of the insurance policy or certificate. A viatical settlement contract also includes a contract for a loan or other financial transaction secured primarily by an individual or group life insurance policy, other than a loan by a life insurance company pursuant to the terms of the life insurance contract, or a loan secured by the cash value of a policy. History: Laws 1999, ch. 246, § 5. ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000.
NM Stat § 59A-20A-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-6 - Reporting requirements and confidentiality.

A. Each licensee shall file with the superintendent on or before March 1 of each year an annual statement containing such information as the superintendent by rule may prescribe. B. Except as otherwise allowed, a provider, broker, insurance company, insurance agent, insurance broker, information bureau, rating agency or company or any other person with actual knowledge of a viator's or insured's identity shall not disclose that identity to any other person unless the disclosure is: (1) necessary to effect a viatical settlement between the viator and a provider and the viator has given written consent and, if the insured's identity is being disclosed and the insured is competent, the insured has given written consent to the disclosure; (2) provided in response to an investigation by the superintendent or any other governmental officer or agency; or (3) a term of or condition to the transfer of a viaticated policy by one provider to another provider. History: Laws 1999, ch. 246, § 6. ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000.
NM Stat § 59A-20A-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-7 - Examination.

A. The superintendent may examine the business and affairs of a licensee or applicant. The superintendent shall have the authority to order a licensee or applicant to produce any records, books, files or other information reasonably necessary to ascertain whether the licensee or applicant is acting or has acted in violation of the law or otherwise contrary to the interests of the public. The expenses incurred in conducting an examination shall be paid by the licensee or applicant. B. Names and identification data for all viators or insureds shall be considered confidential information and shall not be disclosed by the superintendent unless required by law. C. Records of all transactions of viatical settlement contracts shall be maintained by the provider and shall be available to the superintendent for inspection during reasonable business hours. A provider shall maintain records of each viatical settlement until five years after the death of the viator. History: Laws 1999, ch. 246, § 7. ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000.