Medicare supplement policies and certificates shall have a notice printed prominently on the first page of the policy or certificate or attached to the policy stating that the applicant shall have the right to return the policy or certificate within thirty days of delivery and have the premium refunded if, after examination of the policy or certificate, the applicant is not satisfied for any reason. Any refund made pursuant to this section shall be paid in a timely manner directly to the applicant by the issuer.
History: Laws 1989, ch. 28, § 10; 1992, ch. 3, § 8.
The 1992 amendment, effective March 2, 1992, deleted "open contract" or "subscriber contract" following "policy" several times in the first sentence and substituted "issuer" for "insurer" in the second sentence.
Structure New Mexico Statutes
Article 24A - Medicare Supplements
Section 59A-24A-1 - Short title.
Section 59A-24A-2 - Applicability and scope.
Section 59A-24A-3 - Definitions.
Section 59A-24A-4 - Standards for policy provisions; authority to promulgate regulations.
Section 59A-24A-6 - Loss ratio standards.
Section 59A-24A-8 - Filing of health insurance for seniors; rates and forms.
Section 59A-24A-9 - Disclosure standards.
Section 59A-24A-10 - Notice of free examination.
Section 59A-24A-12 - Filing requirements for advertising.
Section 59A-24A-13 - Administrative procedures.