A. A society authorized to do business in this state may provide the following contractual benefits in any form:

Terms Used In New Mexico Statutes 59A-44-16

  • 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.

(1)     life insurance, endowment benefits and annuity benefits as defined in Section 59A-7-2 N.M. Stat. Ann.;

(2)     health insurance benefits as defined in Section 59A-7-3 N.M. Stat. Ann.;

and (3)     monument or tombstone benefits to the memory of deceased members;

(4)     such other benefits as authorized for life, accident and health insurers and which are not inconsistent with N.M. Stat. Ann. Chapter 59A, Article 44, as approved by the superintendent.

B. A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in Subsection A of this section, consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person having an insurable interest as defined in Section 59A-18-4 N.M. Stat. Ann..

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