The New Mexico Life Insurance Guaranty Association is a state-mandated organization established in 1978 to protect policyholders and beneficiaries of life and health insurance policies issued by insolvent insurance companies in New Mexico.
As a member of the guaranty association, insurance companies are required to provide coverage and pay claims in the event of insolvency. The association operates by transferring policies to other insurance companies or directly continuing coverage, ensuring that policyholders can maintain their coverage as long as premiums are paid or cash value exists.
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