reglab/housing_qa huggingface dataset:
NM Stat § 59A-20A-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-8 - Disclosure.

A. A provider or broker shall provide a written disclosure statement form containing the following information to the viator no later than the time of application: (1) possible alternatives to viatical settlement contracts for persons with catastrophic, life-threatening or chronic illnesses, including any accelerated death benefits offered under the viator's life insurance policy; (2) that some or all of the proceeds of the viatical settlement may be free from federal income tax and from state franchise and income taxes, and that assistance should be sought from a professional tax adviser; (3) that the viator has a right to rescind a viatical settlement contract within fifteen calendar days after receipt of the viatical settlement proceeds; (4) that money will be sent to the viator within two business days after the provider has received the insurer or group administrator's acknowledgment that ownership of the policy or interest in the certificate has been transferred and the beneficiary has been designated pursuant to the viatical settlement contract; (5) that proceeds of the viatical settlement could be subject to the claims of creditors; (6) that receipt of the proceeds of a viatical settlement may adversely affect the viator's eligibility for medicaid or other government benefits or entitlements, and that advice should be obtained from the appropriate government agencies; and (7) that entering into a viatical settlement contract may cause other rights or benefits, including conversion rights and waiver of premium benefits that may exist under the policy or certificate, to be forfeited by the viator and that assistance should be sought from a financial adviser. B. A provider shall disclose in writing the following information to the viator prior to the date the viatical settlement contract is signed by all parties: (1) the affiliation, if any, between the provider and the issuer of an insurance policy to be viaticated; (2) if an insurance policy to be viaticated has been issued as a joint policy or involves family riders or any coverage of a life other than the viator, the possible loss of coverage on the other lives and the advisability of consulting with the insurance producer or the company issuing the policy for advice on the proposed viatication; and (3) the dollar amount of the current death benefit payable to the provider under the policy or certificate and the availability of any additional guaranteed insurance benefits and the dollar amount of any accidental death and dismemberment benefits under the policy or certificate and the provider's interest in those benefits. History: Laws 1999, ch. 246, § 8. ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000.
NM Stat § 59A-20A-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-10 - Rules and standards.

The superintendent may: A. promulgate rules to implement the provisions of the Viatical Settlements Act; B. establish standards for evaluating reasonableness of payments under viatical settlement contracts, including regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy; C. establish appropriate licensing requirements and standards for continued licensure for providers and brokers; D. require a bond or other mechanism for financial accountability for viatical settlement providers; and E. adopt rules governing the relationship and responsibilities of both insurers and providers and brokers during the viatication of a life insurance policy or certificate. History: Laws 1999, ch. 246, § 10. ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000.
NM Stat § 59A-20A-11 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 20A - Viatical Settlements|Section 59A-20A-11 - Relationship to other laws.

The provisions of the Insurance Code other than the Viatical Settlements Act shall not apply to viatical settlements unless expressly provided. The following articles and provisions of the Insurance Code shall also apply to viatical settlements and providers and their promoters, sponsors, directors, officers, employees, agents, solicitors, brokers and other representatives. For the purposes of such applicability, a provider may be referred to as an insurer in: A. Chapter 59A, Article 1 NMSA 1978; B. Chapter 59A, Article 2 NMSA 1978; C. Chapter 59A, Article 4 NMSA 1978; and D. Chapter 59A, Article 16 NMSA 1978. History: Laws 1999, ch. 246, § 11. ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000. Cross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-21-1 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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 this state by providing reasonable standards for issuance, delivery and terms of any policy of group life insurance, and exercise of certain rights relative thereto. History: Laws 1984, ch. 127, § 399. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 44 Am. Jur. 2d Insurance §§ 1842 to 1870. 44 C.J.S. Insurance § 8 et seq.
NM Stat § 59A-21-2 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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 blood, marriage or legal adoption; or (2) having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in management thereof; or (3) otherwise having an insurable interest in each other's lives. History: Laws 1984, ch. 127, § 400. 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 § 336; 44 Am. Jur. 2d Insurance §§ 1874 to 1878, 2027. Group life insurance policy for benefit of union members, 17 A.L.R.2d 927. Time of disability or death with regard to termination of coverage under group policy, 68 A.L.R.2d 150. Persons eligible to receive proceeds of federal employee's group life insurance, where insured does not designate beneficiary, 10 A.L.R.3d 803. Effective date of group life insurance as to individual policies of employees, 66 A.L.R.3d 1175. Group insurance: binding effects of limitations on or exclusions of coverage contained in master group policy but not in literature given individual insureds, 6 A.L.R.4th 835. 38A C.J.S. Gifts § 54; 44 C.J.S. Insurance § 8 et seq.
NM Stat § 59A-21-3 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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. ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.
NM Stat § 59A-21-4 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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 eligible for insurance under the policy shall be all of the employees of the employer, or all of any class or classes thereof. The policy may provide that the term "employees" shall include the employees of one or more subsidiary corporations, and the employees, individual proprietors, and partners of one or more affiliated corporations, proprietorships or partnerships if the business of the employer and of such affiliated corporations, proprietorships or partnerships is under common control. The policy may provide that the term "employees" shall include the individual proprietor or partners if the employer is an individual proprietorship or a partnership. The policy may provide that the term "employees" shall include retired employees and directors of a corporate employer. A policy issued to insure the employees of a public body may provide that the term "employees" shall include elected or appointed officials; B. the premium for the policy shall be paid either from the employer's funds or from funds contributed to by the insured employees, or from both. Except as provided in Subsection C, below, a policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, except those who reject such coverage in writing; and C. the insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer. History: Laws 1982, ch. 127, § 402. ANNOTATIONSTrust created for purposes violating this section is illegal and unenforceable. Bauer v. Bates Lumber Co., 1972-NMCA-149, 84 N.M. 391, 503 P.2d 1169, cert. denied, 84 N.M. 390, 503 P.2d 1168. Beneficiary must be one other than employer. — Where under a group life insurance policy, which employer purchased covering its employees, any proceeds from which were used to assist it in paying compensation benefits for which it might become liable to its employees, and a trust never existed except as a bookkeeping entry in the business records of the employer, neither the employer nor the trust is a permitted beneficiary. Bauer v. Bates Lumber Co., 1972-NMCA-149, 84 N.M. 391, 503 P.2d 1169, cert. denied, 84 N.M. 390, 503 P.2d 1168. Am. Jur. 2d, A.L.R. and C.J.S. references. — Effective date of group life insurance as to individual policies of employees, 66 A.L.R.3d 1175. Liability of employer to employee in connection with selection or retention of group insurer, 10 A.L.R.4th 1267. Termination of employee's individual coverage under group policy for nonpayment of premiums, 22 A.L.R.4th 321.
NM Stat § 59A-21-5 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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 the following requirements: A. the debtors eligible for insurance under the policy shall be all of the debtors of the creditor or creditors, or all of any class or classes thereof. The policy may provide that the term "debtors" shall include (1) borrowers of money or purchasers or lessees of goods, services, or property for which payment is arranged through a credit transaction; (2) the debtors of one or more subsidiary corporations; and (3) the debtors of one or more affiliated corporations, proprietorships, or partnerships if the business of the policyholder and of such affiliated corporations, proprietorships, or partnerships is under common control; B. the premium for the policy shall be paid either from the creditor's funds, or from charges collected from the insured debtors, or from both. Except as provided in Subsection C, a policy on which no part of the premium is to be derived from funds contributed by insured debtors specifically for their insurance must insure all eligible debtors; C. an insurer may exclude any debtors as to whom evidence of individual insurability is not satisfactory to the insurer; D. the amount of the insurance on the life of any debtor shall at no time exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor; E. the insurance may be payable to the creditor or any successor to the right, title, and interest of the creditor. Such payment shall reduce or extinguish the unpaid indebtedness of the debtor to the extent of such payment; and F. notwithstanding the provisions of the above subsections, insurance on agricultural credit transaction commitments may be written up to the amount of the loan commitment on a nondecreasing or level term plan. Insurance on educational credit transaction commitments may be written up to the amount of the loan commitment less the amount of any repayments made on the loan. History: Laws 1984, ch. 127, § 403.
NM Stat § 59A-21-6 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|Section 59A-21-6 - Labor union groups.

A policy of group life insurance may be issued to a labor union or similar organization, which shall be deemed the policyholder, to insure members of such union or organization for the benefit of persons other than the union or organization or any of its officials, representatives or agents, subject to the following requirements: A. the members eligible for insurance under the policy shall be all of the members of the union or organization, or all of any class or classes thereof; B. the premium for the policy shall be paid by the policyholder, either wholly from the union's or organization's funds, or from funds contributed by the insured members specifically for their insurance, or from both. Except as provided in Subsection C, a policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members, except those who reject such coverage in writing; and C. an insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer. History: Laws 1984, ch. 127, § 404. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — Group life insurance policy for benefit of union members, 17 A.L.R.2d 927.
NM Stat § 59A-21-7 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|Section 59A-21-7 - Trustee groups.

A. A policy of group life insurance may be issued to a trust or to the trustee of a fund established by two or more employers, or by one or more labor unions or similar employee organizations, or by one or more employers and one or more labor unions or similar employee organizations, which trust or trustee shall be deemed the policyholder, to insure employees of the employers or members of the unions or organizations for the benefit of persons other than the employers or the unions or organizations, subject to the following requirements: (1) the persons eligible for insurance shall be all of the employees of the employers or all of the members of the unions or organizations, or all of any class or classes thereof. The policy may provide that the term "employees" shall include retired employees, the individual proprietor or partners if an employer is an individual proprietor or a partnership, and directors of a corporate employer. The policy may provide that the term "employees" shall include the trustees or their employees, or both, if their duties are principally connected with such trusteeship; (2) the premium for the policy shall be paid from funds contributed by the employer or employers of the insured persons, or by the union or similar employee organizations, or by both, or from funds contributed by the insured persons or from both the insured persons and the employer or union or similar employee organization. Except as provided in Paragraph (3) of this section, a policy on which no part of the premium is to be derived from funds contributed by the insured persons specifically for their insurance must insure all eligible persons, except those who reject such coverage in writing; and (3) an insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer. B. No such policy or certificate of group life insurance may be renewed, delivered or issued for delivery in this state unless the superintendent has approved the issuance. The superintendent shall not grant his approval unless he finds that: (1) the benefits of the policy are reasonable in relation to the premium charged; and (2) the group to which the policy is issued is organized and operated in a fiscally sound manner. C. The provisions of this section apply to the offering in this state of a policy issued in another state or its certificates. History: Laws 1984, ch. 127, § 405; 1991, ch. 125, § 27. ANNOTATIONSThe 1991 amendment, effective April 3, 1991, designated the formerly undesignated first paragraph as Subsection A and redesignated former Subsections A to C as Paragraphs (1) to (3) of Subsection A; in Subsection A, substituted "Paragraph (3) of this section" for "Subsection C" in the second sentence and made minor stylistic changes; and added Subsections B and C. Severability. — Laws 1991, ch. 125, § 30 provides for the severability of the act if any part or application thereof is held invalid.
NM Stat § 59A-21-8 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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, and maintained in good faith for purposes other than that of obtaining insurance, insuring at least twenty-five (25) members of the association for the benefit of persons other than the association or its officers or trustees, as such. The association is deemed the policyholder. History: Laws 1984, ch. 127, § 406.
NM Stat § 59A-21-9 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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. ANNOTATIONSThe 2013 amendment, effective March 29, 2013, authorized the superintendent of insurance to approve the issuance of group life insurance; and after "discretion of the", deleted "commission" and added "superintendent".
NM Stat § 59A-21-10 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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 minor child, including a child beyond the age of majority up to a maximum of twenty-five years of age while attending an educational institution, and such other children of the employee or member as provided within the group life insurance policy. The premiums for the insurance on such dependents may be paid by the group policyholder or by the employee or member or by the group policyholder and the employee or member jointly. History: Laws 1984, ch. 127, § 407; 1993, ch. 126, § 3. ANNOTATIONSThe 1993 amendment, effective June 18, 1993, in the first sentence, substituted "59A-21-4 and 59A-21-6 through 59A-21-8 NMSA 1978" for "402 (employee groups), 404 (labor union groups), 405 (trustee groups) and 406 (association groups) of this article", deleted "insured" preceding "employee", and deleted the following language which formerly appeared at the end of the sentence: "in amounts in accordance with some plan which precludes individual selection and shall not be in excess of fifty percent of the insurance on the life of such employee or member"; and, in the second sentence, deleted "insured" preceding the first occurrence of "employee" and preceding "employee's", inserted "minor" preceding "child", substituted the language following "minor child" for "under twenty-one (21) years of age, or his child twenty-one (21) years or older who is attending an educational institution and relying upon the insured employee or member for financial support", and made minor stylistic changes.
NM Stat § 59A-21-11 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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 the persons insured and more favorable to the policyholder. B. The provisions set out in Sections 414 through 418 [59A-21-17 to 59A-21-21 NMSA 1978] of this article do not apply to policies issued to a creditor to insure debtors of such creditor. C. The standard provisions required for individual life insurance shall not apply to group life insurance policies. D. If a group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which, in the superintendent's opinion, is or are equitable to the insured persons and to the policyholder; but nothing herein shall be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies. History: Laws 1984, ch. 127, § 408. 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. — 44 C.J.S. Insurance § 300.
NM Stat § 59A-21-12 (2021)
2021 New Mexico Statutes|Chapter 59A - Insurance Code|Article 21 - Group Life Insurance|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 notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder shall be liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such grace period. History: Laws 1984, ch. 127, § 409. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 45 C.J.S. Insurance § 472.