A. This article [N.M. Stat. Ann. Chapter 59A, Article 21] may be cited as the “Group Life Insurance Law”.

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B. The purpose of this article is to define group life insurance and to prescribe standard provisions required in policies of group life insurance, in order to promote the peace, health and safety of the inhabitants of this state by providing reasonable standards for issuance, delivery and terms of any policy of group life insurance, and exercise of certain rights relative thereto.