A. No group life insurance coverage shall be offered in this state by an insurer under a policy issued in another state if the superintendent, or the appropriate insurance supervisory public official of another state, has determined that:
(1) issuance of the group policy was contrary to the best interests of the public;
(2) issuance of the group policy was not actuarially sound;
(3) issuance of the group policy did not result in economies of acquisition and administration; or
(4) benefits provided under the group policy are not reasonable in relation to the premiums charged.
B. Upon the superintendent's request the insurer shall promptly furnish to the superintendent a copy of any such group policy and of the certificate of insurance to be issued thereunder.
History: Laws 1984, ch. 127, ยง 421a.
Structure New Mexico Statutes
Article 21 - Group Life Insurance
Section 59A-21-1 - Short title; purpose.
Section 59A-21-2 - Group contracts must meet requirements.
Section 59A-21-3 - "Group policy" defined.
Section 59A-21-4 - Employee groups.
Section 59A-21-5 - Debtor groups.
Section 59A-21-6 - Labor union groups.
Section 59A-21-7 - Trustee groups.
Section 59A-21-8 - Association groups.
Section 59A-21-9 - Discretionary groups.
Section 59A-21-10 - Dependents' coverage.
Section 59A-21-11 - Standard and required provisions.
Section 59A-21-12 - Grace period.
Section 59A-21-13 - Noncontestability.
Section 59A-21-14 - Statements by insured.
Section 59A-21-15 - Evidence of insurability.
Section 59A-21-16 - Misstatement of age.
Section 59A-21-17 - Payment to beneficiary; funeral expenses.
Section 59A-21-18 - Certificate or statement of insurance protection.
Section 59A-21-20 - Conversion privilege; termination of group policy.
Section 59A-21-21 - Conversion privilege; death benefit.
Section 59A-21-22 - Conversion privilege; extension by failure to give notice.
Section 59A-21-23 - Continuance of coverage during total disability.
Section 59A-21-24 - Assignment of interest under policy.
Section 59A-21-25 - Coverage under group policy issued in another state.
Section 59A-21-27 - Definition.
Section 59A-21-28 - Maximum rate of interest on policy loans.