Discrimination; rebates and certain inducements prohibited; life, health and annuity contracts
Applied in 1 court decision — leading case INSURANCE COMMISSIONER FOR THE STATE v. Engelman (1997)
Most recently applied in INSURANCE COMMISSIONER FOR THE STATE v. Engelman (April 1997)
Laws 1984, ch. 127, § 281; 2021, ch. 108, § 9.
Except as otherwise expressly provided by law, no person shall directly or indirectly, as an inducement to any contract of life, annuity or health insurance:
A. offer, pay or accept any special favor or advantage, any rebate of premiums or any valuable consideration or promise whatsoever; or
B. promise any returns or profits, interest or dividends not specified in the contract.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.