New Mexico Statutes 59A-21-11. Standard and required provisions
A. No policy of group life insurance shall be delivered in this state unless it contains in substance the provisions as required by Sections 409 through 419 N.M. Stat. Ann. § 59A-21-12 to 59A-21-22 of this article or provisions which, in the superintendent’s opinion, are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder.
Terms Used In New Mexico Statutes 59A-21-11
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
B. The provisions set out in Sections 414 through 418 N.M. Stat. Ann. § 59A-21-17 to 59A-21-21 of this article do not apply to policies issued to a creditor to insure debtors of such creditor.
C. The standard provisions required for individual life insurance shall not apply to group life insurance policies.
D. If a group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which, in the superintendent’s opinion, is or are equitable to the insured persons and to the policyholder; but nothing herein shall be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.