Except as otherwise expressly provided by law, no person shall directly or indirectly, as an inducement to any contract of life, annuity or health insurance:
A. offer, pay or accept any special favor or advantage, any rebate of premiums or any valuable consideration or promise whatsoever; or
B. promise any returns or profits, interest or dividends not specified in the contract.
History: Laws 1984, ch. 127, § 281; 2021, ch. 108, § 9.
The 2021 amendment, effective July 1, 2021, clarified provisions related to the prohibition of inducements to any contract of life, annuity or health insurance; in the section heading, added "Discrimination"; after "no person shall", deleted "knowingly" and added "directly or indirectly, as an inducement to any contract of life, annuity or health insurance"; and completely rewrote Subsections A and B.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Insurance anti-rebate statutes: validity and construction, 90 A.L.R.4th 213.
43 Am. Jur. 2d Insurance §§ 831, 832.
45 C.J.S. Insurance § 484.
Structure New Mexico Statutes
Article 16 - Trade Practices and Frauds
Section 59A-16-1 - Scope of article.
Section 59A-16-2 - Purpose of article.
Section 59A-16-3 - Practices and acts prohibited, in general.
Section 59A-16-4 - Misrepresentation, false advertising of policies.
Section 59A-16-5 - False information, advertising.
Section 59A-16-6 - "Twisting" prohibited.
Section 59A-16-7 - Replacement of life insurance.
Section 59A-16-7.1 - Unclaimed life insurance benefits.
Section 59A-16-8 - Falsification, omission of records; misleading financial statements.
Section 59A-16-9 - Publication of nonstatutory financial statements.
Section 59A-16-10 - Defamation.
Section 59A-16-11 - Unfair discrimination prohibited; life and health insurance.
Section 59A-16-11.1 - Medical Insurance Pool Act; unfair referral.
Section 59A-16-12 - Discrimination in insurance.
Section 59A-16-12.1 - Discrimination on the basis of deterioration in health.
Section 59A-16-13 - Prohibiting sex discrimination in insurance.
Section 59A-16-13.1 - Craniomandibular and temporomandibular joint disorders.
Section 59A-16-13.2 - Discrimination on the basis of blindness.
Section 59A-16-14 - Coercion of business prohibited; notice required; charges prohibited.
Section 59A-16-17 - Discrimination, rebates and certain inducements prohibited; other coverages.
Section 59A-16-18 - Receipt of rebates and inducements; penalty.
Section 59A-16-19 - Monopolistic practices prohibited.
Section 59A-16-20 - Unfair claims practices defined and prohibited.
Section 59A-16-21.1 - Health plan requirements.
Section 59A-16-21.3 - Health care providers; surprise billing prohibited.
Section 59A-16-22 - Record of complaints required.
Section 59A-16-23 - False applications, claims, proofs of loss.
Section 59A-16-24 - Illegal dealing in premiums; excess charges for coverage.
Section 59A-16-25 - Knowledge of insurer of prohibited acts.
Section 59A-16-26 - Insurer name; deceptive use prohibited.
Section 59A-16-27 - Desist orders for prohibited practices.
Section 59A-16-28 - Procedure as to undefined practices.