A. A society authorized to do business in this state may provide the following contractual benefits in any form:
(1) life insurance, endowment benefits and annuity benefits as defined in Section 59A-7-2 NMSA 1978;
(2) health insurance benefits as defined in Section 59A-7-3 NMSA 1978;
(3) monument or tombstone benefits to the memory of deceased members; and
(4) such other benefits as authorized for life, accident and health insurers and which are not inconsistent with Chapter 59A, Article 44 NMSA 1978, as approved by the superintendent.
B. A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in Subsection A of this section, consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person having an insurable interest as defined in Section 59A-18-4 NMSA 1978.
History: 1978 Comp., § 59A-44-16, enacted by Laws 1989, ch. 388, § 16.
Repeals and reenactments. — Laws 1989, ch. 388, § 16, repealed 59A-44-16 NMSA 1978, as enacted by Laws 1984, ch. 127, § 801, relating to nonforfeiture benefits, cash surrender values, certificate loans and other options, and enacted a new section, effective January 1, 1990.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.