No group long-term care insurance coverage may be offered to a resident of this state under a group policy issued in another state to a group described in Paragraph (4) of Subsection C of Section 59A-23A-4 NMSA 1978, unless the superintendent has determined prior to the offer that:
A. the coverage meets the requirements of Chapter 59A, Article 23A NMSA 1978 and any regulations pertaining thereto, or the insurance commissioner of another state having statutory and regulatory long-term care insurance requirements substantially similar to those adopted in New Mexico has determined that such requirements have been met; and
B. the requirements of Section 59A-23-8 NMSA 1978 have been met.
History: 1978 Comp., § 59A-23A-5, enacted by Laws 1993, ch. 126, § 10.
Repeals and reenactments. — Laws 1993, ch. 126, § 10 repealed former 59A-23A-5 NMSA 1978, as enacted by Laws 1989, ch. 136, § 5, and enacted a new section, effective June 18, 1993.
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