A. All life insurance and all health insurance in connection with loans or other credit transactions shall be subject to the provisions of this article, except such insurance in connection with a loan or other credit transaction of more than ten (10) years' duration; nor shall insurance be subject to this article where issuance of the insurance is an isolated transaction on part of the insurer not related to an agreement or plan for insuring debtors of the creditor.
B. This article [Chapter 59A, Article 25 NMSA 1978] may be cited as the "Law for Regulation of Credit Life Insurance and Credit Health Insurance."
History: Laws 1984, ch. 127, § 473.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Initiation and termination of coverage under group credit life or disability insurance, 5 A.L.R.3d 962.
Credit life insurer's punitive damage liability for refusing payment, 55 A.L.R.4th 246.
44 C.J.S. Insurance § 39 et seq.
Structure New Mexico Statutes
Article 25 - Credit Life and Credit Health Insurance
Section 59A-25-1 - Scope and short title.
Section 59A-25-3 - Definitions.
Section 59A-25-4 - Forms of credit life, credit health insurances.
Section 59A-25-5 - Amount of insurance.
Section 59A-25-6 - Term of insurance.
Section 59A-25-7 - Provisions of policies and certificates; disclosure to debtors.
Section 59A-25-8 - Filing, approval and withdrawal of forms.
Section 59A-25-9 - Premiums and refunds.
Section 59A-25-10 - Authorized insurer, licensed agent required.
Section 59A-25-11 - Claims administration.
Section 59A-25-12 - Existing insurance; choice of insurer.
Section 59A-25-13 - Director of financial institutions division to report violations.