The purpose of this act [59A-21-26 to 59A-21-28 NMSA 1978] is to permit and set guidelines for life insurers to include in life insurance policies issued after the effective date of this act a provision for periodic adjustment of policy loan interest rates.
History: 1978 Comp., § 59-16-44, enacted by Laws 1983, ch. 283, § 1; 1978 Comp., § 59-16-44, recompiled as § 59A-21-26 by Laws 1987, ch. 259, § 32.
Compiler's notes. — Laws 1983, ch. 283, § 4, provided that the provisions of the act shall not apply to any insurance contract issued before the effective date of the act unless the policyholder agrees in writing to the applicability of such provisions.
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