New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 18 - CREDIT INSURANCE
Part 2 - CREDIT LIFE AND CREDIT HEALTH INSURANCE
Section 13.18.2.13 - INSURANCE FOR PERIODS BEYOND PAYMENT PERIOD OF THE POLICY
Universal Citation: 13 NM Admin Code 13.18.2.13
Current through Register Vol. 35, No. 6, March 26, 2024
A. If a group certificate of insurance is issued to a debtor under any plan charging the debtor an identifiable amount for insurance for a period of time greater than that of the shortest premium payment period of the group policy issued to the creditor, the following rules shall apply.
B. The certificate shall in addition to all other requirements of this rule and the laws of this state, clearly and prominently set forth that:
(1) the creditor
alone is liable for such excess charges as are unearned;
(2) the insurance company is not liable for
such excess unearned charges not received;
(3) the liability of the insurance company
for the benefit is on a month to month basis, or otherwise as set out in the
group policy of insurance;
(4) the
coverage may be terminated by the insurance company or the creditor upon thirty
days written notice to the debtor;
(5) the insurer is not liable for claims
beyond such interval; and
(6) the
certificate shall be so phrased as not to violate the public policy of the
state of New Mexico not to indicate to the ordinary debtor that the insurance
coverage had been provided commensurate to the identifiable charge appearing
upon the certificate for the full term of the indebtedness nor that the insurer
would be obligated to the debtor for any such excess unearned
charges.
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