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2018 New Mexico Statutes
Chapter 59A - Insurance Code
Article 22 - Health Insurance Contracts
Section 59A-22-27 - Third party ownership.
Universal Citation: NM Stat § 59A-22-27 (2018)
59A-22-27. Third party ownership.
The word "insured" as used in this article shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits and rights provided therein.
History: Laws 1984, ch. 127, § 448.
Insurable interest must exist at time of loss. Universal C.I.T. Corp. v. Foundation Reserve Ins. Co., 1969-NMSC-013, 79 N.M. 785, 450 P.2d 194.
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