The purpose of this article is to promote the public welfare by regulating credit life insurance and credit health insurance. Nothing in this article is intended to prohibit or discourage reasonable competition. The provisions of this article shall be liberally construed.
History: Laws 1984, ch. 127, ยง 472.
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.