reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 43 - Property and Casualty Insurance Guaranty Fund › Section 59A-43-11 - Nonduplication of recovery.

A. Any person having a claim against any insurer under any provision in an insurance policy including but not limited to uninsured motorist coverage other than a policy of an insolvent insurer which is also a covered claim, shall be required to exhaust first his rights under the policy. An insured of an insolvent insurer and possessing no other insurance coverage applicable to a specific claim shall be deemed to be "uninsured" for uninsured motorist coverage purposes. Any amount payable on a covered claim under this article shall be reduced by the amount of any recovery available under such insurance policy. No action against an insured of an insolvent insurer shall be tried prior to the exhaustion of all other available sources of recovery.
B. Any person having a claim which may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured except that, if it is a first party claim for damage to property with a permanent location, he shall seek recovery first from the association of the location of the property, and, if it is a workmen's compensation claim, he shall seek recovery first from the association of the residence of the claimant. Any recovery under this article shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent.
History:
Laws 1984, ch. 127, § 777.
ANNOTATIONS
Offset of proceeds from another insurance policy.
— Subsection A requires an offset of proceeds available to the claimant from another insurance policy that is not insolvent and does not constitute a "covered claim" under this article. In addition, the offset is applied against the insured's liability, or against the claimant's damages as the case may be, not against the statutory amount of liability of the association.
Aztec Well Servicing Co. v. Property & Cas. Ins. Guar. Ass'n
, 1993-NMSC-023, 115 N.M. 475, 853 P.2d 726.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Uninsured or underinsured motorist insurance: validity and construction of policy provision purporting to reduce recovery by amount of social security disability benefits or payments under similar disability benefits law, 24 A.L.R.5th 766.
Validity, construction, and application of exclusion of government vehicles from uninsured motorist provision, 58 A.L.R.5th 511.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 43 - Property and Casualty Insurance Guaranty Fund › Section 59A-43-12 - Prevention of insolvencies.

To aid in the detection and prevention of insurance insolvencies:
A. the board of directors shall, upon majority vote, notify the superintendent of any information indicating any member insurer may be insolvent or in a financial condition hazardous to the policyholders or the public;
B. the board of directors may, upon majority vote, request that the superintendent order an examination of any member insurer which the board in good faith believes may be in a financial condition hazardous to the policyholders or the public. Within thirty (30) days of the receipt of such request, the superintendent shall begin the examination. The examination may be conducted as a national association of insurance commissioners examination or may be conducted by persons designated by the superintendent. The cost of the examination shall be paid by the association and the examination report shall be treated as are other examination reports. In no event shall the examination report be released to the board of directors prior to its release to the public, but this does not preclude the superintendent from complying with Subsection C of this section. The superintendent shall notify the board of directors when the examination is completed. The request for an examination shall be kept on file by the superintendent but it shall not be open to public inspection prior to the release of the examination report to the public;
C. the superintendent shall report to the board of directors when he has reasonable cause to believe that any member insurer examined or being examined at the request of the board of directors may be insolvent or in a financial condition hazardous to the policyholders or the public;
D. the board of directors may, upon majority vote, make reports and recommendations to the superintendent upon any matter germane to the solvency, liquidation, rehabilitation or conservation of any member insurer. Such reports and recommendations shall not be considered public documents;
E. the board of directors may, upon majority vote, make recommendations to the superintendent for the detection and prevention of insurers' insolvencies; and
F. the board of directors shall, at the conclusion of any insurance insolvency in which the association was obligated to pay covered claims, prepare a report on the history and causes of the insolvency based on information available to the association and submit such report to the superintendent.
History:
Laws 1984, ch. 127, § 778.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 43 - Property and Casualty Insurance Guaranty Fund › Section 59A-43-13 - Examination of association; financial reports.

The association is subject to examination and regulation by the superintendent. The board of directors shall submit, not later than June 30 each year, a financial report for the preceding calendar year in a form approved by the superintendent.
History:
Laws 1984, ch. 127, § 779.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 43 - Property and Casualty Insurance Guaranty Fund › Section 59A-43-14 - Appeals.

A. A claimant whose claim is denied in whole or in part by the association may, pursuant to Chapter 59A, Article 43 NMSA 1978, request the receivership court to review the decision of the association. A request for review shall be filed within thirty days of the denial. The receivership court shall have jurisdiction of all claims and the decision of the court shall be binding on both the claimant and the association.
B. A member insurer may appeal to the superintendent from an action of the board of directors of the association by filing with the superintendent a notice of appeal within thirty days after the action appealed from.
C. A final order of the superintendent on appeal is subject to judicial review by an action in the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978.
History:
Laws 1984, ch. 127, § 780; 1998, ch. 55, § 67; 1999, ch. 265, § 70.
ANNOTATIONS
Cross references.
— For procedures governing administrative appeals to the district court,
see
Rule 1-074 NMRA.
For scope of review of the district court,
see
Zamora v. Village of Ruidoso Downs, 120 N.M. 778, 907 P.2d 182 (1995).
The 1999 amendment,
effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in Subsection C.
The 1998 amendment,
effective September 1, 1998, in Subsection A, substituted "Chapter 59A, Article 43 NMSA 1978" for "this article", deleted "(30)" following "thirty" in Subsections A and B, rewrote Subsection C, and made minor stylistic changes throughout the section.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 43 - Property and Casualty Insurance Guaranty Fund › Section 59A-43-15 - Recognition of assessment in rates.

The rates and premiums charged for insurance policies to which this article apply [applies] shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer, less any amounts returned to the member insurer by the association, and such rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer.
History:
Laws 1984, ch. 127, § 781.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 43 - Property and Casualty Insurance Guaranty Fund › Section 59A-43-16 - Immunity.

There shall be no liability on the part of and no cause of action of any nature shall arise against, any member insurer, the association or its agents or employees, the board of directors or the superintendent or his representative for any action taken by them in the performance of their powers and duties under this article. The meetings, activites [activities], recommendations and decisions of the board of directors of the association as required or permitted in this article shall not be open to public inspection, nor considered public documents, nor subject to Sections 10-15-1 through 10-15-4 NMSA 1978.
History:
Laws 1984, ch. 127, § 782.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63C Am. Jur. 2d Public Officers and Employees §§ 301, 302.
67 C.J.S. Officers and Public Employees, § 206 et seq.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 43 - Property and Casualty Insurance Guaranty Fund › Section 59A-43-17 - Stay of proceedings; reopening of default judgments.

All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall be stayed for not to exceed six (6) months from the date the insolvency is determined to permit proper defense by the association of all pending causes of action. As to any covered claims arising from a judgment under any decision, verdict or finding based on the default of the insolvent insurer or its failure to defend an insured, the association either on its own behalf or on behalf of the insured may apply to have the judgment, order, decision, verdict or finding set aside by the same court or administrator that made it and may defend against the claim on the merits.
History:
Laws 1984, ch. 127, § 783.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 43 - Property and Casualty Insurance Guaranty Fund › Section 59A-43-18 - Termination; distribution of funds.

A. The superintendent shall by order terminate the operation of the association as to any kind of insurance covered by this article with respect to which he has found, after hearing, that there is in effect a statutory or voluntary plan which:
(1) is a permanent plan which is adequately funded or for which adequate funding is provided; and
(2) extends, or will extend to the New Mexico policyholders and residents protection and benefits with respect to insolvent insurers not substantially less favorable and effective to the policyholders and residents than the protection and benefits provided with respect to such kinds of insurance under this article.
B. The superintendent shall by the same order authorize discontinuance of future payments by insurers to the association with respect to the same kinds of insurance, but assessments and payments shall continue, as necessary, to liquidate covered claims of insurers adjudged insolvent prior to the order and the related expenses not covered by the other plan.
C. If operation of the association is terminated as to all kinds of insurance otherwise within its scope, the association, as soon as possible thereafter, shall distribute the balance of money and assets remaining, after discharge of the functions of the association, with respect to prior insurer insolvencies not covered by another plan, together with related expenses, to the insurers which are then writing in this state policies of the kinds of insurance covered by this article and which had made payments to the association, pro rata upon the basis of the aggregate of such payments made by the respective insurers during the period of five (5) years next preceding the date of the order. Upon completion of the distribution with respect to all of the kinds of insurance covered by this article, this shall be deemed to have expired.
History:
Laws 1984, ch. 127, § 784.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-1 - Fraternal benefit societies.

Any incorporated society, order or supreme lodge, without capital stock, including one exempted under the provisions of Paragraph (2) of Subsection A of Section 59A-44-40 NMSA 1978, whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work, having a representative form of government, and which provides benefits in accordance with Chapter 59A, Article 44 NMSA 1978, is hereby declared to be a fraternal benefit society.
History:
1978 Comp., § 59A-44-1, enacted by Laws 1989, ch. 388, § 1.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 1, repealed 59A-44-1 NMSA 1978, as enacted by Laws 1984, ch. 127, § 786, relating to the definition of fraternal benefit societies, and enacted a new section, effective January 1, 1990.
Insurance only incidental part of organization's purpose.
— The fraternal benefit societies and the insurance available to a member of such fraternal society is contemplated in the law to be an incidental part of the operation of a lodge or fraternal organization. It is not contemplated that a lodge or fraternal organization set itself up with the sole purpose of insuring members. This would be in direct contravention of the statutes relating to the fraternal benefit societies and lodges, which organizations and lodges frequently provide insurance for the members of that organization as an additional service to the members. 1953 Op. Att'y Gen. No. 53-5671.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
36 Am. Jur. 2d Fraternal Orders and Benefit Societies § 1.
Benefit or fraternal societies as insurance companies, 63 A.L.R. 735, 100 A.L.R. 1449, 119 A.L.R. 1241.
10 C.J.S. Beneficial Associations § 2.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-2 - Lodge system.

A. A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated or admitted in accordance with its laws, rules and ritual. Subordinate lodges shall be required by the laws of the society to hold regular meetings at least once in each month in furtherance of the purposes of the society.
B. A society may, at its option, organize and operate lodges for children under the minimum age for adult membership. Membership and initiation in local lodges shall not be required of such children, nor shall they have a voice or vote in the management of the society.
History:
1978 Comp., § 59A-44-2, enacted by Laws 1989, ch. 388, § 2.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 2, repealed 59A-44-2 NMSA 1978, as enacted by Laws 1984, ch. 127, § 787, relating to the definition of lodge system, and enacted a new section, effective January 1, 1990.
Effect of admitting foreign corporations as fraternal benefit societies.
— The state cannot admit foreign corporations as fraternal benefit societies and license them as such, and then convert them into old line insurance companies by determining that they have written some nonallowable classes of insurance.
State ex rel. Biel v. Royal Neighbors of Am.
, 1939-NMSC-057, 44 N.M. 8, 96 P.2d 705.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
36 Am. Jur. 2d Fraternal Orders and Benefit Societies § 5.
10 C.J.S. Beneficial Associations § 7 et seq.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-3 - Representative form of government.

A society has a representative form of government when:
A. it has a supreme governing body constituted as:
(1) an assembly composed of delegates elected directly by the members or at intermediate assemblies or conventions of members or their representatives, together with other delegates as may be prescribed in the society's laws. A society may provide for election of delegates by mail. The elected delegates shall constitute a majority in number and shall not have less than two-thirds of the votes and not less than the number of votes required to amend the society's laws. The assembly shall be elected and shall meet at least once every four years and shall elect a board of directors to conduct the business of the society between meetings of the assembly. Vacancies on the board of directors between elections may be filled in the manner prescribed by the society's laws; or
(2) a board composed of persons elected by the members, either directly or by their representatives in intermediate assemblies, and any other persons prescribed in the society's laws. A society may provide for election of the board by mail. Each term of a board member shall not exceed four years. Vacancies on the board between elections shall be filled in the manner prescribed by the society's laws. Those persons elected to the board shall constitute a majority in number and not less than the number of votes required to amend the society's laws. A person filling the unexpired term of an elected board member shall be considered to be an elected member. The board shall meet at least quarterly to conduct the business of the society;
B. the officers of the society are elected either by the supreme governing body or by the board of directors;
C. only benefit members are eligible for election to the supreme governing body, the board of directors or any intermediate assembly; and
D. each voting member shall have one vote and no vote shall be cast by proxy.
History:
1978 Comp., § 59A-44-3, enacted by Laws 1989, ch. 388, § 3.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 3, repealed 59A-44-3 NMSA 1978, as enacted by Laws 1984, ch. 127, § 788, relating to the definition of representative form of government, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-4 - Definitions.

As used in Chapter 59A, Article 44 NMSA 1978:
A. "benefit contract" means the agreement as described in Subsection A of Section 59A-44-19 NMSA 1978;
B. "benefit member" means an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract;
C. "certificate" means a contract which sets forth the insurance benefits as authorized by Section 59A-44-16 NMSA 1978, to whom benefits are payable, the insuring provisions and the terms and conditions of the certificate;
D. "law" means the society's articles of incorporation, constitution and bylaws, however designated;
E. "lodge" means subordinate member units of the society, known as camps, courts, councils, branches or by any other designation;
F. "premium" means premiums, rates, dues, certificate fees or other required contributions by whatever name known, which are payable under the certificate;
G. "rule" means all rules, regulations or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society; and
H. "society" means a fraternal benefit society, unless otherwise indicated.
History:
1978 Comp., § 59A-44-4, enacted by Laws 1989, ch. 388, § 4.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 4, repealed 59A-44-4 NMSA 1978, as enacted by Laws 1984, ch. 127, § 789, relating to organization, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-5 - Purposes and powers.

A. A society shall operate for the benefit of members and their beneficiaries by:
(1) providing benefits as specified in Section 59A-44-16 NMSA 1978; and
(2) lawfully operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic or religious purposes for the benefit of its members, which may also be extended to member dependents.
Such purposes may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations.
B. Every society shall have the power to adopt laws and rules for the government of the society, the admission of its members and the management of its affairs. It shall have the power to change, alter, add to or amend such laws and rules and shall have other powers as are necessary and incidental to carrying into effect the objects and purposes of the society.
History:
1978 Comp., § 59A-44-5, enacted by Laws 1989, ch. 388, § 5.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 5, repealed 59A-44-5 NMSA 1978, as enacted by Laws 1984, ch. 127, § 790, relating to retention of corporate powers, and enacted a new section, effective January 1, 1990.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
36 Am. Jur. 2d Fraternal Orders and Benefit Societies § 9.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-6 - Qualifications for membership.

A. A society shall specify in its laws or rules:
(1) eligibility standards for each and every class of membership, provided that if benefits are provided on the lives of children, the minimum age for adult membership shall be set at not less than fifteen years and not greater than twenty-one years;
(2) the process for admission to membership for each membership class; and
(3) the rights and privileges of each membership class, provided that only benefit members shall have the right to vote on the management of the insurance affairs of the society.
B. A society may also admit social members who shall have no voice or vote in the management of the insurance affairs of the society.
C. Membership rights in the society are personal to a member and are not assignable.
History:
1978 Comp., § 59A-44-6, enacted by Laws 1989, ch. 388, § 6.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 6, repealed 59A-44-6 NMSA 1978, as enacted by Laws 1984, ch. 127, § 791, relating to incorporation of existing voluntary associations, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-7 - Location of office; meetings; communications to members; grievance procedures.

A. The principal office of any domestic society shall be located in this state. The meetings of its supreme governing body may be held in any state, district, province or territory wherein such society has at least one subordinate lodge, or in such other location as determined by the supreme governing body. All business transacted at such meetings shall be as valid in all respects as if such meetings were held in this state. The minutes of the proceedings of the supreme governing body and of the board of directors shall be in the English language.
B. A society may provide in its laws for an official publication in which any notice, report or statement required by law to be given to members, including notice of election, may be published. Such required reports, notices and statements shall be printed conspicuously in the publication. If the records of a society show that two or more members have the same mailing address, an official publication mailed to one member is deemed to be mailed to all members at the same address unless a member requests a separate copy.
Not later than June 1 of each year, a synopsis of the society's annual statement providing an explanation of the facts concerning the condition of the society thereby disclosed shall be printed and mailed to each benefit member of the society or, in lieu thereof, such synopsis may be published in the society's official publication.
C. A society may provide in its laws or rules grievance or complaint procedures for members.
History:
1978 Comp., § 59A-44-7, enacted by Laws 1989, ch. 388, § 7.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 7, repealed 59A-44-7 NMSA 1978, as enacted by Laws 1984, ch. 127, § 792, relating to location of office and place of meeting, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-9 - Waiver.

The laws of the society may provide that no subordinate body or any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the laws of the society. Such provision shall be binding on the society and every member and beneficiary of a member.
History:
1978 Comp., § 59A-44-9, enacted by Laws 1989, ch. 388, § 9.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 9, repealed 59A-44-9 NMSA 1978, as enacted by Laws 1984, ch. 127, § 794, relating to conversion into mutual life insurance company, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-12 - Institutions.

A. A society may create, maintain and operate, or may establish organizations to operate, not for profit institutions to further the purposes permitted by Paragraph (2) of Subsection A of Section 59A-44-5 NMSA 1978. Such institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held or leased by the society for this purpose shall be reported in every annual statement but shall not be allowed as an admitted asset of such society.
B. No society shall own or operate funeral homes or any establishments related to undertaking.
History:
1978 Comp., § 59A-44-12, enacted by Laws 1989, ch. 388, § 12.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 12, repealed 59A-44-12 NMSA 1978, as enacted by Laws 1984, ch. 127, § 797, relating to institutions, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-13 - Reinsurance.

A. A domestic society may by a reinsurance agreement cede any individual risk or risks in whole or in part to an insurer, other than to another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this state, or if not so authorized, one which is approved by the superintendent, but no such society may reinsure substantially all of its insurance in force without the written permission of the superintendent. It may take credit for the reserves on such ceded risks to the extent reinsured, but no credit shall be allowed as an admitted asset or as a deduction from liability, to a ceding society for reinsurance made, ceded, renewed or otherwise becoming effective after the effective date of this act, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding society under the contract or contracts reinsured without diminution because of the insolvency of the ceding society.
B. Notwithstanding the limitation in Subsection A of this section, a society may reinsure the risks of another society in a consolidation or merger approved by the superintendent under Section 59A-44-14 NMSA 1978.
History:
1978 Comp., § 59A-44-13, enacted by Laws 1989, ch. 388, § 13.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 13, repealed 59A-44-13 NMSA 1978, as enacted by Laws 1984, ch. 127, § 798, relating to immunity from personal liability, and enacted a new section, effective January 1, 1990.
Compiler's notes.
— The phrase "effective date of this act", referred to in Subsection A, means January 1, 1990, the effective date of Laws 1989, ch. 388.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-15 - Conversion of society into a mutual life insurance company.

Any society may be converted and licensed as a mutual or stock life insurance company by compliance with all the requirements of the general insurance laws pertaining to such life insurers. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such plan. No such conversion shall take effect unless and until approved by the superintendent who may give such approval if he finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificateholders of the society.
History:
1978 Comp., § 59A-44-15, enacted by Laws 1989, ch. 388, § 15.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 15, repealed 59A-44-15 NMSA 1978, as enacted by Laws 1984, ch. 127, § 800, relating to benefits on lives of children, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-16 - Benefits.

A. A society authorized to do business in this state may provide the following contractual benefits in any form:
(1) life insurance, endowment benefits and annuity benefits as defined in Section 59A-7-2 NMSA 1978;
(2) health insurance benefits as defined in Section 59A-7-3 NMSA 1978;
(3) monument or tombstone benefits to the memory of deceased members; and
(4) such other benefits as authorized for life, accident and health insurers and which are not inconsistent with Chapter 59A, Article 44 NMSA 1978, as approved by the superintendent.
B. A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in Subsection A of this section, consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person having an insurable interest as defined in Section 59A-18-4 NMSA 1978.
History:
1978 Comp., § 59A-44-16, enacted by Laws 1989, ch. 388, § 16.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 16, repealed 59A-44-16 NMSA 1978, as enacted by Laws 1984, ch. 127, § 801, relating to nonforfeiture benefits, cash surrender values, certificate loans and other options, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-17 - Beneficiaries.

A. The owner of a certificate shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society may, through its laws or rules, limit the scope of beneficiary designations and shall provide that no revocable beneficiary shall have or obtain any vested interest in the proceeds of any certificate until the certificate has become due and payable in conformity with the provisions of the certificate.
B. A society may make provision for the payment of funeral benefits to the extent of such portion of any payment under a certificate as might reasonably appear to be due to any person equitably entitled thereto by reason of having incurred expense occasioned by the burial of the member, provided the portion so paid shall not exceed the sum of one thousand dollars ($1,000).
C. If, at the death of any person insured under a certificate, there is no lawful beneficiary to whom the proceeds shall be payable, the amount of such benefit, except to the extent that funeral benefits may be paid as hereinbefore provided, shall be payable to the estate of the deceased insured the same as other property not exempt, provided, however, that if the owner of the certificate is other than the insured, such proceeds shall be payable to such owner.
History:
1978 Comp., § 59A-44-17, enacted by Laws 1989, ch. 388, § 17.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 17, repealed 59A-44-17 NMSA 1978, as enacted by Laws 1984, ch. 127, § 802, relating to beneficiaries, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-18 - Benefits not attachable.

No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society shall be liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability of a member or beneficiary or any other person who may have a right thereunder, either before or after payment by the society.
History:
1978 Comp., § 59A-44-18, enacted by Laws 1989, ch. 388, § 18.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 18, repealed 59A-44-18 NMSA 1978, as enacted by Laws 1984, ch. 127, § 803, relating to nonattachability of benefits, and enacted a new section, effective January 1, 1990.
Cross references.
— For rules governing garnishment and writs of execution in the district, magistrate, and metropolitan courts,
see
Rules 1-065.1, 2-801, and 3-801 NMRA, respectively.
For form for claim of exemptions on executions,
see
Rule 4-803 NMRA.
For form for order on claim of exemption and order to pay in execution proceedings,
see
Rule 4-804 NMRA.
For form for application for writ of garnishment and affidavit,
see
Rule 4-805 NMRA.
For form for notice of right to claim exemptions from execution,
see
Rule 4-808A NMRA.
For form for claim of exemption from garnishment,
see
Rule 4-809 NMRA.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-20 - Nonforfeiture benefits; cash surrender values; certificate loans and other options.

A. For certificates issued prior to one year after the effective date of this act, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the provisions of law applicable immediately prior to the effective date of this act.
B. For certificates issued on or after one year from the effective date of this act for which reserves are computed on the commissioner's 1941 standard ordinary mortality table, the commissioner's 1941 standard industrial table, the commissioner's 1958 standard ordinary mortality table, or the commissioner's 1980 standard mortality table or any more recent table made applicable to life insurers, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall not be less than the corresponding amount ascertained in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits based upon such tables.
History:
1978 Comp., § 59A-44-20, enacted by Laws 1989, ch. 388, § 20.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 20, repealed 59A-44-20 NMSA 1978, as enacted by Laws 1984, ch. 127, § 805, relating to life benefit certificate provisions, and enacted a new section, effective January 1, 1990.
Compiler's notes.
— The phrase "effective date of this act", referred to throughout this section, means January 1, 1990, the effective date of Laws 1989, ch. 388.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-21 - Investments.

A society shall invest its funds only in such investments as are authorized by Chapter 59A, Article 9 NMSA 1978 for the investment of assets of life insurers and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this state which invests its funds in accordance with the laws of the state, district, territory, country or province in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds.
History:
1978 Comp., § 59A-44-21, enacted by Laws 1989, ch. 388, § 21.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 21, repealed 59A-44-21 NMSA 1978, as enacted by Laws 1984, ch. 127, § 806, relating to accident and health insurance, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › 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, invest, disburse and apply any special fund or funds necessary to carry out any purpose permitted by the laws of such society.
C. A society may, pursuant to resolution of its supreme governing body, establish and operate one or more separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life insurers establishing such accounts and issuing such contracts. To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued thereunder, the society may adopt special procedures for the conduct of the business and affairs of a separate account, may, for persons having beneficial interests therein, provide special voting and other rights, including without limitation special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants and selection of a committee to manage the business and affairs of the account, and may issue contracts on a variable basis to which Subsections B and D of Section 59A-44-19 NMSA 1978 shall not apply.
History:
1978 Comp., § 59A-44-22, enacted by Laws 1989, ch. 388, § 22.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 22, repealed 59A-44-22 NMSA 1978, as enacted by Laws 1984, ch. 127, § 807, relating to waiver, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › 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, ch. 388, § 23.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 23, repealed 59A-44-23 NMSA 1978, as enacted by Laws 1984, ch. 127, § 808, relating to reinsurance, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › 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, enacted by Laws 1989, ch. 388, § 24.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 24, repealed 59A-44-24 NMSA 1978, as enacted by Laws 1984, ch. 127, § 809, relating to the annual license, and enacted a new section, effective January 1, 1990.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › 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 act shall be based on the following tables:
(1) for certificates of life insurance, the commissioner's 1941 standard ordinary mortality table, the commissioner's 1941 standard industrial mortality table, the commissioner's 1958 standard ordinary mortality table, the commissioner's 1980 standard ordinary mortality table or any more recent table made applicable to life insurers; and
(2) for annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death benefits and for noncancelable accident and health benefits, such tables as are authorized for use by life insurers in this state.
Paragraphs (1) and (2) of this subsection shall be under valuation methods and standards, including interest assumptions, in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits.
C. The superintendent may in his discretion accept other standards for valuation if the superintendent finds that the reserves produced thereby will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard herein prescribed. The superintendent may in his discretion vary the standards of mortality applicable to all benefit contracts on substandard lives or other extrahazardous lives by any society authorized to do business in this state.
D. Any society, with the consent of the superintendent of the state of domicile of the society, and under such conditions, if any, which the superintendent may impose, may establish and maintain reserves on its certificates in excess of the reserves required thereunder, but the contractual rights of any benefit member shall not be affected thereby.
History:
1978 Comp., § 59A-44-25, enacted by Laws 1989, ch. 388, § 25.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 25, repealed 59A-44-25 NMSA 1978, as enacted by Laws 1984, ch. 127, § 810, relating to admission of foreign or alien societies, and enacted a new section, effective January 1, 1990.
Compiler's notes.
— The phrase "effective date of this act", referred to throughout Subsections A and B, means January 1, 1990, the effective date of Laws 1989, ch. 388.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › 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, transactions and affairs for the preceding calendar year and pay the fee specified in Section 59A-14-36 [59A-44-36] NMSA 1978. The statement shall be in general form and context as approved by the national association of insurance commissioners for fraternal benefit societies and as supplemented by additional information required by the superintendent;
B. as part of the annual statement herein required, each society shall, on or before the first day of March, file with the superintendent a valuation of its certificates in force on December 31 last preceding, provided the superintendent may in his discretion for cause shown extend the time for filing such valuation for not more than two calendar months. Such valuation shall be done in accordance with the standards specified in Section 59A-44-25 NMSA 1978. Such valuation and underlying data shall be certified by a qualified actuary or, at the expense of the society, verified by the actuary of the department of insurance of the state of domicile of the society; and
C. a society neglecting to file the annual statement in the form and within the time provided by this section shall forfeit one hundred dollars ($100) for each day during which such neglect continues, and, upon notice by the superintendent to that effect, its authority to do business in this state shall cease while such default continues.
History:
1978 Comp., § 59A-44-26, enacted by Laws 1989, ch. 388, § 26.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 26, repealed 59A-44-26 NMSA 1978, as enacted by Laws 1984, ch. 127, § 811, relating to injunctions, liquidation and receivership, and enacted a new section, effective January 1, 1990.
Bracketed material.
— The bracketed material was inserted by the compiler and it is not part of the law. The bracketed reference in Subsection A was inserted by the compiler, as the reference to Section 59A-14-36 NMSA 1978 is apparently erroneous.
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › 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 revoked by the superintendent or terminated at the society's request; subject, however, to the payment of the annual continuation fee specified in Section 59A-44-36 NMSA 1978. A duly certified copy or duplicate of such certificate of authority shall be prima facie evidence that such society is a fraternal benefit society within the meaning of Chapter 59A, Article 44 NMSA 1978.
History:
1978 Comp., § 59A-44-27, enacted by Laws 1989, ch. 388, § 27.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 27, repealed 59A-44-27 NMSA 1978, as enacted by Laws 1984, ch. 127, § 812, relating to suspension, revocation or refusal of a license of a foreign or alien society, and enacted a new section, effective January 1, 1990.
Compiler's notes.
— The phrase "effective date of this act", referred to in the first sentence, means January 1, 1990, the effective date of Laws 1989, ch. 388.
The phrase "that article", referred to in the second sentence, apparently means present Article 44 (59A-44-1 to 59A-44-45 NMSA 1978).
2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 44 - Fraternal Benefit Societies › Section 59A-44-28 - Examination of societies; no adverse publications.

A. The superintendent, or any person he may appoint, may examine any domestic, foreign or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign or alien insurers. Requirements of notice and an opportunity to respond before findings are made public as provided in Section 59A-4-10 NMSA 1978 shall be applicable to the examination of societies.
B. The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined for whose certificates are valued, upon statements furnished by the superintendent.
History:
1978 Comp., § 59A-44-28, enacted by Laws 1989, ch. 388, § 28.
ANNOTATIONS
Repeals and reenactments.
— Laws 1989, ch. 388, § 28, repealed 59A-44-28 NMSA 1978, as enacted by Laws 1984, ch. 127, § 813, relating to licensing of agents, and enacted a new section, effective January 1, 1990.