Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to:
A. continue, pay the premium or make a contribution on, modify, exchange, rescind, release or terminate a contract procured by or on behalf of the principal that insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;
B. procure new, different and additional contracts of insurance and annuities for the principal and the principal's spouse, children and other dependents and select the amount, type of insurance or annuity and mode of payment;
C. pay the premium or make a contribution on, modify, exchange, rescind, release or terminate a contract of insurance or annuity procured by the agent;
D. apply for and receive a loan secured by a contract of insurance or annuity;
E. surrender and receive the cash surrender value on a contract of insurance or annuity;
F. exercise an election;
G. exercise investment powers available under a contract of insurance or annuity;
H. change the manner of paying premiums on a contract of insurance or annuity;
I. change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section;
J. apply for and procure a benefit or assistance under a statute or regulation to guarantee or pay premiums of a contract of insurance on the life of the principal;
K. collect, sell, assign, hypothecate, borrow against or pledge the interest of the principal in a contract of insurance or annuity;
L. select the form and timing of the payment of proceeds from a contract of insurance or annuity; and
M. pay, from proceeds or otherwise, compromise or contest and apply for refunds in connection with a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.
History: Laws 2007, ch. 135, § 210; 1978 Comp., § 46B-1-210 recompiled as § 45-5B-210 by Laws 2011, ch. 124, § 102.
Recompilations. — Laws 2011, ch. 124, § 102 recompiled former 46B-1-210 NMSA 1978 as 45-5B-210 NMSA 1978, effective January 1, 2012.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 5B - Uniform Power of Attorney
Section 45-5B-201 - Authority that requires specific grant; grant of general authority.
Section 45-5B-202 - Incorporation of authority.
Section 45-5B-203 - Construction of authority generally.
Section 45-5B-204 - Real property.
Section 45-5B-205 - Tangible personal property.
Section 45-5B-206 - Stocks and bonds.
Section 45-5B-207 - Commodities and options.
Section 45-5B-208 - Banks and other financial institutions.
Section 45-5B-209 - Operation of entity or business.
Section 45-5B-210 - Insurance and annuities.
Section 45-5B-211 - Estates, trusts and other beneficial interests.
Section 45-5B-212 - Claims and litigation.
Section 45-5B-213 - Personal and family maintenance.
Section 45-5B-214 - Benefits from governmental programs or civil or military service.