A. A society authorized to do business in this state may provide the following contractual benefits in any form:
(1) life insurance, endowment benefits and annuity benefits as defined in Section 59A-7-2 NMSA 1978;
(2) health insurance benefits as defined in Section 59A-7-3 NMSA 1978;
(3) monument or tombstone benefits to the memory of deceased members; and
(4) such other benefits as authorized for life, accident and health insurers and which are not inconsistent with Chapter 59A, Article 44 NMSA 1978, 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 NMSA 1978.
History: 1978 Comp., § 59A-44-16, enacted by Laws 1989, ch. 388, § 16.
ANNOTATIONSRepeals and reenactments. — Laws 1989, ch. 388, § 16, repealed 59A-44-16 NMSA 1978, as enacted by Laws 1984, ch. 127, § 801, relating to nonforfeiture benefits, cash surrender values, certificate loans and other options, and enacted a new section, effective January 1, 1990.