For the purposes of this act [59A-21-26 to 59A-21-28 NMSA 1978], "published monthly average" means "Moody's corporate bond yield average-monthly average corporates" as published by Moody's Investors Service, Inc. or any successor thereto or in the event that "Moody's corporate bond yield average-monthly average corporates" is no longer published, a substantially similar average as established by regulation of the superintendent of insurance.
History: 1978 Comp., § 59-16-45, enacted by Laws 1983, ch. 283, § 2; 1978 Comp., § 59-16-45, recompiled as § 59A-21-27 by Laws 1987, ch. 259, § 32.
ANNOTATIONSCompiler's notes. — Laws 1983, ch. 283, § 4, provides that the provisions of the act shall not apply to any insurance contract issued before the effective date of the act unless the policyholder agrees in writing to the applicability of such provisions.