A. All life insurance and all health insurance in connection with loans or other credit transactions shall be subject to the provisions of this article, except such insurance in connection with a loan or other credit transaction of more than ten (10) years’ duration; nor shall insurance be subject to this article where issuance of the insurance is an isolated transaction on part of the insurer not related to an agreement or plan for insuring debtors of the creditor.

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B. This article [N.M. Stat. Ann. Chapter 59A, Article 25] may be cited as the “Law for

Regulation of Credit Life Insurance and Credit Health Insurance.”