Chapter 59A — Chapter 59A

A. A domestic society may consolidate or merge with any other society by complying with the provisions of this section. B. A domestic society shall file with the superintendent: (1) a certified copy of the written contract containing in full the terms and conditions of the consol…

company. Any society may be converted and licensed as a mutual or stock life insurance company by compliance with all the requirements of the general insurance laws pertaining to such life insurers. A plan of conversion shall be prepared in writing by the board of directors setti…

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 1…

A. The owner of a certificate shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable.…

No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society shall be liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or …

A. Every society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided thereby. The certificate, together with any riders or endorsements attached thereto, the laws of the society, the appl…

A. A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated or admitted in accordance with its laws, rules and ritual. Subordinate lodges shall be required by the laws of the society to hold reg…

certificate loans and other options. A. For certificates issued prior to one year after the effective date of this act, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the provisions of la…

A society shall invest its funds only in such investments as are authorized by Chapter 59A, Article 9 NMSA 1978 for the investment of assets of life insurers and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this state whi…

A. All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit …

Except as herein provided, societies shall be governed by Chapter 59A, Article 44 NMSA 1978 and shall be exempt from all other provisions of the insurance laws of this state unless they are expressly designated therein, or unless it is specifically made applicable by that article…

Every society organized or licensed under Chapter 59A, Article 44 NMSA 1978 is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal and school tax other than taxes on real estate …

A. Standards of valuation for certificates issued prior to one year after the effective date of this act shall be those provided by the laws applicable immediately prior to the effective date of this act. B. The minimum standards of valuation for certificates issued on or after o…

Reports shall be filed in accordance with the provisions of this section as follows: A. every society transacting business in this state shall annually, on or before the first day of March, unless for cause shown such time has been extended by the superintendent, file with the su…

Societies which are now authorized to transact business in this state may continue such business until March 1 next succeeding the effective date of this act. The authority of such societies and all societies thereafter licensed shall continue in force as long as the society is e…

A. The superintendent, or any person he may appoint, may examine any domestic, foreign or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign or alien insurers. Requirements o…

A. No foreign or alien society shall transact business in this state without a license issued by the superintendent. Any such society desiring admission to this state shall comply substantially with the requirements and limitations of Chapter 59A, Article 44 NMSA 1978 applicable …

A society has a representative form of government when: A. it has a supreme governing body constituted as: (1) an assembly composed of delegates elected directly by the members or at intermediate assemblies or conventions of members or their representatives, together with other d…

A. When the superintendent upon investigation finds that a domestic society: (1) has exceeded its powers; (2) has failed to comply with any provision of Chapter 59A, Article 44 NMSA 1978; (3) is not fulfilling its contracts in good faith; (4) has a membership of less than four hu…

or alien society. A. When the superintendent upon investigation finds that a foreign or alien society transacting or applying to transact business in this state: (1) has exceeded its powers; (2) has failed to comply with any of the provisions of Chapter 59A, Article 44 NMSA 1978;…

No application or petition for injunction against any domestic, foreign or alien society, or lodge thereof, shall be recognized in any court of this state unless made by the attorney general upon request of the superintendent. History: 1978 Comp., § 59A-44-32, enacted by Laws 198…

A. Agents of societies shall be licensed in accordance with the applicable provisions of Chapter 59A, Articles 11 and 12 NMSA 1978 regulating the licensing, revocation, suspension or termination of license of agents, but shall not be subject to the provisions of Section 59A-12-26…

acts and practices. Every society authorized to do business in this state shall be subject to the provisions of Chapter 59A, Article 16 NMSA 1978 relating to trade practices and frauds; provided, however, that nothing in such provisions shall be construed as applying to or affect…

A. Every society authorized to do business in this state shall appoint in writing the superintendent and each successor in office to be its true and lawful attorney upon whom all lawful process in any action or proceeding against it shall be served and shall agree in such writing…

A. Except as provided in Subsection B of this section, every society authorized to transact business in New Mexico shall pay to the superintendent the following fees: (1) for annual certificate of authority continuation $100.00; (2) for filing annual statement 100.00; (3) for eac…

The superintendent shall pay to the state treasurer, and the state treasurer shall convert into the fund of the Carrie Tingley crippled children's hospital, located in Bernalillo county, all money collected by the superintendent from or as to fraternal benefit societies under Cha…

All decisions and findings of the superintendent made under the provisions of Chapter 59A, Article 44 NMSA 1978 shall be subject to review as provided in Section 59A-4-20 NMSA 1978. History: 1978 Comp., § 59A-44-38, enacted by Laws 1989, ch. 388, § 38.

A. Any person who willfully makes a false or fraudulent statement in or relating to an application for membership or for the purpose of obtaining money from or a benefit in any society, shall upon conviction be fined not less than one hundred dollars ($100) or more than one thous…

As used in Chapter 59A, Article 44 NMSA 1978: A. "benefit contract" means the agreement as described in Subsection A of Section 59A-44-19 NMSA 1978; B. "benefit member" means an adult member who is designated by the laws or rules of the society to be a benefit member under a bene…

A. Nothing contained in Chapter 59A, Article 44 NMSA 1978 shall be so construed as to effect or apply to: (1) grand or subordinate lodges of societies, orders or associations now doing business in this state that provide benefits exclusively through local or subordinate lodges; (…

To the extent not in conflict with the express provisions of Chapter 59A, Article 44 NMSA 1978 and the reasonable implications thereof, the following provisions of the Insurance Code [Chapter 59A NMSA 1978] shall also apply as to fraternal benefit societies, and for such purpose …

If any provision of Chapter 59A, Article 44 NMSA 1978 or the application of such provision to any circumstance is held invalid, the remainder of the article or the application of the provision to other circumstances shall not be affected thereby. History: 1978 Comp., § 59A-44-42,…

to individuals who are eligible for medical benefits under the medicaid program. A. Each individual or group policy or certificate of accident or health insurance issued by a society that is delivered, issued for delivery or renewed in this state shall include provisions that req…

A. A society shall operate for the benefit of members and their beneficiaries by: (1) providing benefits as specified in Section 59A-44-16 NMSA 1978; and (2) lawfully operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic …

A. A society shall specify in its laws or rules: (1) eligibility standards for each and every class of membership, provided that if benefits are provided on the lives of children, the minimum age for adult membership shall be set at not less than fifteen years and not greater tha…

members; grievance procedures. A. The principal office of any domestic society shall be located in this state. The meetings of its supreme governing body may be held in any state, district, province or territory wherein such society has at least one subordinate lodge, or in such …

A. The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. B. Any person may be indemnified and reimbursed by any society for expenses reasonably incurred by, and liabilitie…

The laws of the society may provide that no subordinate body or any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the laws of the society. Such provision shall be binding on the society and every member and beneficiary …

This article [Chapter 59A, Article 45 NMSA 1978] may be cited as the "Insurance Premium Financing Law". History: Laws 1984, ch. 127, § 831.

A premium finance agreement may provide for the payment by the insured of a delinquency charge on each installment in default for a period of more than ten days and in an amount not to exceed five percent of each installment, or five dollars ($5.00), whichever is less, or in lieu…

A. When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless such cance…

No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledges and encumbrances, successor or assigns. History: Laws 1984, ch. 127, § 843.

A. The superintendent may revoke or suspend the insurance premium financing license of any person when after investigation it appears to the superintendent that: (1) any license issued to such person was obtained by fraud; (2) there was any misrepresentation in the application of…

Upon a determination by hearing that a person has violated any provision of this article or any rules or regulations adopted thereunder, the superintendent may issue an order requiring the person to cease and desist from engaging in such violation. If the alleged violator fails t…

In addition to any penalties imposed pursuant to Sections 844 or 845 [59A-45-13 or 59A-45-14 NMSA 1978] of this article, the district court may, in an action filed by the superintendent, impose the following civil penalties: A. for each violation of this article a penalty of not …

The following additional articles and provisions of the Insurance Code shall also apply, as applicable, to insurance premium finance companies and their operations: A. Article 1 [Chapter 59A, Article 1 NMSA 1978] (scope of code, initial definitions, general penalty); B. Article 2…

As used in this article: A. "person" means any individual, corporation, association, partnership or any other legal entity; B. "insurance policy" or "insurance contract" means any contract of insurance, indemnity, medical or hospital services, suretyship or annuity issued, propos…

A. No person shall engage in the business of financing insurance premiums in this state without first having obtained an insurance premium financing license from the superintendent. B. The annual license fee shall be as stated in Section 101 [59A-6-1 NMSA 1978] (fee schedule) of …

A. Prior to the issuance of an insurance premium financing license, the applicant shall file with the superintendent a surety bond or a bank certificate of deposit in favor of the superintendent in a total aggregate amount of not less than ten thousand dollars ($10,000), conditio…

A. The provisions of this article shall not limit the authority of the following institutions to engage in insurance premium financing or apply to: (1) any life insurer authorized to do business in the state; (2) any national banking institution; (3) any state bank; (4) any savin…