Credit life insurance and credit health insurance shall be issued only in the following forms:
A. individual policies of life insurance issued to debtors on the term plan;
B. individual policies of health insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;
C. group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and
D. group policies of health insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.
History: Laws 1984, ch. 127, ยง 475.
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.