A. No life insurance policy shall be delivered or issued for delivery in this state insuring the lives of more than one individual unless to a group defined in this article and otherwise in compliance with this article.
B. Subsection A hereof does not apply to life insurance policies insuring only individuals:
(1) related by blood, marriage or legal adoption; or
(2) having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in management thereof; or
(3) otherwise having an insurable interest in each other's lives.
History: Laws 1984, ch. 127, § 400.
ANNOTATIONSCross references. — For existing forms and filings, see notes following 59A-5-21 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 336; 44 Am. Jur. 2d Insurance §§ 1874 to 1878, 2027.
Group life insurance policy for benefit of union members, 17 A.L.R.2d 927.
Time of disability or death with regard to termination of coverage under group policy, 68 A.L.R.2d 150.
Persons eligible to receive proceeds of federal employee's group life insurance, where insured does not designate beneficiary, 10 A.L.R.3d 803.
Effective date of group life insurance as to individual policies of employees, 66 A.L.R.3d 1175.
Group insurance: binding effects of limitations on or exclusions of coverage contained in master group policy but not in literature given individual insureds, 6 A.L.R.4th 835.
38A C.J.S. Gifts § 54; 44 C.J.S. Insurance § 8 et seq.