When credit life or credit health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or of procuring and furnishing the required coverage through any insurer authorized to transact such an insurance business in this state. The creditor shall timely inform the debtor in writing of the debtor's rights under this section, in form prescribed or approved by the superintendent.
History: Laws 1984, ch. 127, ยง 483.
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.