Life and Health Insurance Guaranty Association

What this document is

NMSA 1978, Chapter 59A (New Mexico Insurance Code), Article 42 - Life and Health Insurance Guaranty Association is a state statute published by nmonesource.com. It is one of the New Mexico documents that insurance license exam questions are written from, including new mexico life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• NMSA 1978 ch. 59A, § 59A-42-4(C) (Coverage; limitations - avoiding duplicate coverage)

  “Coverage is intended to be provided to a person who is a resident of this state and, in special circumstances, to a nonresident. In order to avoid duplicate coverage, if a person who would otherwise receive coverage pursuant to the Life and Health Insurance Guaranty Association Act is provided...”

• NMSA 1978 ch. 59A, § 59A-42-4(E)(1) (Coverage; limitations - exclusions)

  “E. Coverage shall not be provided for: (1) a portion of a policy or contract not guaranteed by the member insurer or under which the risk is borne by the policy or contract owner;”

• NMSA 1978 ch. 59A, § 59A-42-17(A) (Prohibited advertisement; notice to policy owners)

  “No person, including a member insurer, agent or affiliate of a member insurer, shall make, publish, disseminate, circulate or place before the public, or cause directly or indirectly to be made, published, disseminated, circulated or placed before the public, in a newspaper, magazine or other...”

• NMSA 1978 ch. 59A, § 59A-42-7(B)(2)(d) (Powers and duties of the association - substitute coverage)

  “in providing the substitute coverage required pursuant to Subparagraph (c) of this paragraph, the association may offer either to reissue the terminated coverage or to issue an alternative policy or contract at actuarially justified rates. Alternative or reissued policies or contracts shall be...”

• NMSA 1978 ch. 59A, § 59A-42-17(B) (Prohibited advertisement; notice to policy owners - summary document)

  “At the expiration of the sixtieth day after the date on which the superintendent approves the document, a member insurer shall not deliver a policy or contract to a policy owner, contract owner, certificate holder or enrollee unless the summary document is delivered to the policy owner, contract...”

• NMSA 1978, § 59A-42-4(J) (Coverage; limitations)

  “J. For purposes of the Life and Health Insurance Guaranty Association Act, benefits provided by a long-term care rider to a life insurance policy or annuity contract shall be considered the same type of benefit as the base life insurance policy or annuity contract to which it relates.”

• NMSA 1978, § 59A-42-16 (Stay of proceedings; reopening default judgments)

  “A proceeding in which an insolvent insurer is a party in a court in this state shall be stayed one hundred eighty days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on matters germane to its powers or duties. As to a...”

• NMSA 1978, § 59A-42-4(F)(2)(b) (Coverage; limitations; health insurance benefit caps)

  “2) three hundred thousand dollars ($300,000) for disability income insurance; 3) three hundred thousand dollars ($300,000) for long-term care insurance as defined in Section 59A-23A-4 NMSA 1978; and 4) five hundred thousand dollars ($500,000) for health benefit plans;”

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