New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 7 - UNIVERSAL LIFE INSURANCE › Section 13.9.7.17 - ADDITIONAL FILING REQUIREMENTS FOR INTEREST-INDEXED UNIVERSAL LIFE INSURANCE POLICIES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Annually, every insurer shall submit a statement of actuarial opinion by the
				insurer's actuary similar to the example contained in 13 NMAC 9.7.17.4 [now
				Subsection D of 13.9.7.17 NMAC].
B.
				Annually, every insurer shall submit a description of the amount and type of
				assets currently held by the insurer with respect to its interest-indexed
				policies.
C. Prior to
				implementation, every domestic insurer shall submit a description of any
				material change in the insurer's investment strategy or method of determining
				the interest credits. A change is considered to be material if it would affect
				the form of definition of the index (i.e. any change in the information
				supplied pursuant to 13 nmac 9.7.16 [now 13.9.7.16 NMAC] or if it would
				significantly change the amount or type of assets held for interest-indexed
				policies).
D. The following is a
				sample of the statement required by 13 NMAC 9.7.17.1 [now Subsection A of
				13.9.7.17 NMAC].
I,___________________, am
				  __________________________________
(name) (position of relationship to insurer)
____________________________ for the XYZ life insurance
				  company
(the insurer) in the state of
				  ____________________________________
(state of domicile of insurer)
I am a member of the American academy of actuaries (or if
				  not, state other qualifications to sign annual statement actuarial
				  opinions).
I have examined the interest-indexed universal life insurance
				  policies of the insurer in force as of December 31, 19__, encompassing ________
				  number of policies and $ ________ of insurance in force.
I have considered the provisions of the policies, I have
				  considered any reinsurance agreements pertaining to such policies, the
				  characteristics of the identified assets and the investment policy adopted by
				  the insurer as they affect future insurance and investment cash flows under
				  such policies and related assets. My examination included such tests and
				  calculations as I considered necessary to form an opinion concerning the
				  insurance and investment cash flows arising from the policies and related
				  assets.
I relied on the investment policy of the insurer and on
				  projected investment cash flows as provided by ________, chief investment
				  officer of the insurer.
The tests were conducted under various assumptions as to
				  future interest rates, and particular attention was given to those provisions
				  and characteristics that might cause future insurance and investment cash flows
				  to vary with changes in the level of prevailing interest rates.
In my opinion, the anticipated insurance and investment cash
				  flows referred to above make good and sufficient provision for the contractual
				  obligations of the insurer under these insurance policies.
_______________________________
signature of actuary