New Mexico § 59A-21-2 Group contracts must meet requirements

New Mexico Statutes

§ 59A-21-2 — Group contracts must meet requirements

New Mexico § 59A-21-2

Ch. 59AInsurance Code

Art. 21Group Life Insurance

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Bluebook

N.M. Stat. Ann. § 59A-21-2 (2026).

Text

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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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.