Defines health benefit plan as any hospital or medical expense policy or certificate or health maintenance organization subscriber contract or other similar health contract.
Structured settlement factoring transaction is transfer of structured settlement payment rights by means of sale, assignment, pledge or other form of encumbrance.
Coverage must be provided for policies, contracts of direct, non-group life insurance, health insurance, for purposes of Life and health insurance guaranty association act.
No coverage for a portion of a policy or contract, except for any portion of a policy or contract, including a rider, that provides long-term care or health insurance benefit.
Nor for structured settlement annuity benefits to which a payee or beneficiary has transferred payee's, beneficiary's rights in a structured settlement factoring transaction
Benefits provided by a long-term care rider to a life insurance policy or annuity contract shall be considered the same type of benefit as the base life insurance policy.
Legislative History
On Jan. 18, 2024, bill was introduced in House; on Feb. 12, 2024, bill passed House.
On Feb. 12, 2024, bill was introduced in Senate; on Feb. 14, 2024, bill passed Senate.
Effectiveness
Bill provisions become effective Jan. 1, 2025.
Mar. 2024 NM LEG Enacted Bill
On Mar. 4, 2024, NM LEG published HB 181 final version, signed by governor, Ch.36.
