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2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 42 - Life and Health Insurance Guaranty Association
Section 59A-42-2 - Purpose.
Universal Citation: NM Stat § 59A-42-2 (2017)
59A-42-2. Purpose.
The purpose of the Life and Health Insurance Guaranty Association Act is to provide a mechanism to facilitate continuation of coverage and the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and avoid financial loss to claimants or policyholders because of insolvency of an insurer, to assist in detection and prevention of insurer insolvencies and to provide an association to assess the cost of such protection among insurers.
History: Laws 1984, ch. 127, 751; 2012, ch. 9, 5.
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