New Mexico Statutes 59A-7-1. Definitions not mutually exclusive; insuring powers;
classification of insurers.
Terms Used In New Mexico Statutes 59A-7-1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
A. It is intended that certain insurance coverages may come within more than one “kind” of insurance as defined in N.M. Stat. Ann. Chapter 59A, Article 7, and inclusion of such coverage within one definition shall not exclude it as to any other kind of insurance within the definition of which the coverage is likewise reasonably includable.
B. No insurer shall be authorized to transact any kind or kinds of insurance other than those defined in N.M. Stat. Ann. Chapter 59A, Article 7. Insurers shall be classified as to insuring powers according to kind or kinds of insurance for which so authorized.
C. An insurer may apply to engage in insurance activities in one or more of the following lines of insurance:
(1) life and annuities;
(2) accident and health; (3) property;
(4) casualty; and
(5) variable life and annuity.