New Mexico Statutes
Article 20 - Life Insurance and Annuity Contracts
Section 59A-20-23 - Annuities, reinstatement.

In any annuity or pure endowment contract, other than a reversionary or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract but not exceeding six percent per annum payable annually, and in cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
History: Laws 1984, ch. 127, ยง 388.

Structure New Mexico Statutes

New Mexico Statutes

Chapter 59A - Insurance Code

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-20-13 - Premium.

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-20-32 - Nonforfeiture benefits, cash surrender values; life policies issued prior to operative date of 1943 Standard Nonforfeiture Law.

Section 59A-20-33 - Standard nonforfeiture law; individual deferred annuities.

Section 59A-20-34 to 59A-20-36 - Repealed.