There shall be a provision that unless:
A. the policy has been surrendered for its cash surrender value; or
B. its cash surrender value has been exhausted; or
C. the paid-up term insurance, if any has expired;
the policy will be reinstated at any time within three (3) years (or two (2) years in the case of industrial life insurance policies) from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears with interest at a rate not exceeding six percent per annum compounded annually and the payment or reinstatement of any other indebtedness to the insurer upon the policy with interest at the applicable policy loan interest rate.
History: Laws 1984, ch. 127, ยง 377.
Structure New Mexico Statutes
Article 20 - Life Insurance and Annuity Contracts
Section 59A-20-1 - Scope of article.
Section 59A-20-2 - "Annuity", "industrial life insurance" defined.
Section 59A-20-3 - Standard provisions required.
Section 59A-20-4 - Grace period.
Section 59A-20-5 - Incontestability.
Section 59A-20-6 - Entire contract.
Section 59A-20-7 - Misstatement of age.
Section 59A-20-8 - Dividends, participating policies.
Section 59A-20-9 - Policy loans.
Section 59A-20-10 - Policy loan interest rates.
Section 59A-20-11 - Table of installments.
Section 59A-20-12 - Reinstatement.
Section 59A-20-14 - Payment of claims.
Section 59A-20-15 - Beneficiary, industrial policies.
Section 59A-20-16 - Incontestability; excluded or restricted coverage; after reinstatement.
Section 59A-20-17 - Standard provisions, annuity and pure endowment contracts.
Section 59A-20-18 - Annuities, grace period.
Section 59A-20-19 - Annuities, incontestability.
Section 59A-20-20 - Annuities, entire contract.
Section 59A-20-21 - Annuities, misstatement of age or sex.
Section 59A-20-22 - Annuities, dividends.
Section 59A-20-23 - Annuities, reinstatement.
Section 59A-20-24 - Standard provisions; reversionary annuities.
Section 59A-20-25 - Limitation of liability.
Section 59A-20-26 - Prohibited provisions.
Section 59A-20-27 - Provisions required by other jurisdictions.
Section 59A-20-28 - Special requirements as to participating policies.
Section 59A-20-29 - Prohibited policy plans.
Section 59A-20-30 - Variable contract law.
Section 59A-20-31 - Standard Nonforfeiture Law; life insurance.
Section 59A-20-33 - Standard nonforfeiture law; individual deferred annuities.