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New Mexico Statutes Chapter 59A. Insurance Code § 59A-21-2. Group contracts must meet requirements

Current as of May 06, 2021 | Updated by FindLaw Staff

A. No life insurance policy shall be delivered or issued for delivery in this state insuring the lives of more than one individual unless to a group defined in this article and otherwise in compliance with this article.

B. Subsection A hereof does not apply to life insurance policies insuring only individuals:

(1) related by blood, marriage or legal adoption;  or

(2) having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in management thereof;  or

(3) otherwise having an insurable interest in each other's lives.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 59A. Insurance Code § 59A-21-2. Group contracts must meet requirements - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-59a-insurance-code/nm-st-sect-59a-21-2.html

Read this complete New Mexico Statutes Chapter 59A. Insurance Code § 59A-21-2. Group contracts must meet requirements on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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