reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 15 - VIATICAL SETTLEMENTS › Section 13.9.15.17 - INSURANCE COMPANY PRACTICES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Life insurance companies authorized to do business in this state shall respond
				to a request for verification of coverage from a viatical settlement provider
				or broker within thirty (30) calendar days of the date a request is received.
				The request shall be accompanied by:
(1) a
				current authorization consistent with applicable law, signed by the policyowner
				or certificateholder;
(2) in the
				case of an individual policy, a form substantially similar to Appendix B, which
				has been completed by the viatical settlement provider or broker in accordance
				with the instructions on the form.
(3) in the case of group insurance coverage a
				form substantially similar to Appendix C, which has been completed by the
				viatical settlement provider or broker in accordance with the instructions on
				the form, and which has previously been referred to the group policyholder and
				completed to the extent the information is available to the group
				policyholder.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 16 - USE OF 2001 COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE › Section 13.9.16.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to all life insurance companies issuing
				  life insurance policies.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 16 - USE OF 2001 COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE › Section 13.9.16.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections 59A-2-9, 59A-8-5 and 59A-20-31 NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 16 - USE OF 2001 COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE › Section 13.9.16.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 2004, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 16 - USE OF 2001 COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE › Section 13.9.16.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to recognize, permit and
				  prescribe the use of the 2001 commissioners standard ordinary (CSO) mortality
				  table in accordance with Section 59A-8-5 NMSA 1978, Standard Valuation Law,
				  Life Insurance and Annuities, Section 59A-20-31 NMSA 1978, Standard
				  Nonforfeiture Law, Life Insurance, and 13.9.13 NMAC, Valuation of Life
				  Insurance Policies.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 16 - USE OF 2001 COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE › Section 13.9.16.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
2001 CSO
				Mortality Table
means that mortality table, consisting of separate rates
				of mortality for male and female lives, developed by the American academy of
				actuaries CSO task force from the valuation basic mortality table developed by
				the society of actuaries individual life insurance valuation mortality task
				force, and adopted by the national association of insurance commissioners
				("NAIC") in December 2002. The 2001 CSO mortality table is included in the
				proceedings of the NAIC (2nd Quarter 2002). Unless the context indicates
				otherwise, the "2001 CSO mortality table" includes both the ultimate form of
				that table and the select and ultimate form of that table and includes both the
				smoker and nonsmoker mortality tables and the composite mortality tables. It
				also includes both the age-nearest-birthday and age-last-birthday bases of the
				mortality tables.
B.
2001
				CSO mortality table (F)
means that mortality table consisting of the
				rates of mortality for female lives from the 2001 CSO Mortality
				Table.
C.
2001 CSO mortality
				table (M)
means that mortality table consisting of the rates of
				mortality for male lives from the 2001 CSO mortality table.
D.
Composite mortality tables
means mortality tables with rates of mortality that do not distinguish between
				smokers and nonsmokers.
E.
Smoker and nonsmoker mortality tables
means mortality tables with
				separate rates of mortality for smokers and nonsmokers.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 16 - USE OF 2001 COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE › Section 13.9.16.8 2001 - CSO MORTALITY TABLE

Current through Register Vol. 35, No. 13, July 16, 2024
A. At the election
				of the company for any one or more specified plans of insurance and subject to
				the conditions stated in this regulation, the 2001 CSO mortality table may be
				used as the minimum standard for policies issued on or after January 1, 2004
				and before the date specified in Subsection B to which Subparagraph (a) of
				Paragraph (1) of Subsection B of Section 59A-8-5 NMSA 1978, Subparagraph (f) of
				Paragraph (7) of Subsection F of Section 59A-20-31 NMSA 1978, and 13.9.13.12
				and 13.9.13.13 NMAC are applicable. If the company elects to use the 2001 CSO
				mortality table, it shall do so for both valuation and nonforfeiture
				purposes.
B. Subject to the
				conditions stated in this rule, the 2001 CSO mortality table shall be used in
				determining minimum standards for policies issued on and after January 1, 2009,
				to which Subparagraph (a) of Paragraph (1) of Subsection B of Section 59A-8-5
				NMSA 1978, Subparagraph (f) of Paragraph (7) of Subsection F of Section
				59A-20-31 NMSA 1978, and 13.9.13.12 and 13.9.13.13 NMAC are
				applicable.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 16 - USE OF 2001 COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE › Section 13.9.16.9 - CONDITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. For each plan of
				insurance with separate rates for smokers and nonsmokers an insurer may use:
(1) composite mortality tables to determine
				minimum reserve liabilities and minimum cash surrender values and amounts of
				paid-up nonforfeiture benefits;
(2)
				smoker and nonsmoker mortality tables to determine the valuation net premiums
				and additional minimum reserves, if any, required by Subparagraph (e) of
				Paragraph (1) of Subsection E of Section 59A-8-5 NMSA 1978, and use composite
				mortality tables to determine the basic minimum reserves, minimum cash
				surrender values and amounts of paid-up nonforfeiture benefits; or
(3) smoker and nonsmoker mortality to
				determine minimum reserve liabilities and minimum cash surrender values and
				amounts of paid-up nonforfeiture benefits.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 16 - USE OF 2001 COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE › Section 13.9.16.10 - APPLICABILITY OF THE 2001 CSO MORTALITY TABLE TO 13.9.13 NMAC

Current through Register Vol. 35, No. 13, July 16, 2024
A. The 2001 CSO
				mortality table may be used in applying 13.9.13 NMAC in the following manner,
				subject to the transition dates for use of the 2001 CSO mortality table in
				Section 4 of this rule (unless otherwise noted, the references in this section
				are to 13.9.13 NMAC):
(1)
Subparagraph
				(b) of Paragraph (2) of Subsection B of Section 2:
The net level reserve
				premium is based on the ultimate mortality rates in the 2001 CSO Mortality
				Table.
(2)
Subsection B of
				Section 7:
All calculations are made using the 2001 CSO mortality rate,
				and, if elected, the optional minimum mortality standard for deficiency
				reserves stipulated in Paragraph 4. The value of "qx+k+t-1" is the valuation
				mortality rate for deficiency reserves in policy year k+t, but using the
				unmodified select mortality rates if modified select mortality rates are used
				in the computation of deficiency reserves.
(3)
Section 12:
The 2001 CSO
				mortality table is the minimum standard for basic reserves.
(4)
Section 13:
The 2001 CSO
				mortality table is the minimum standard for deficiency reserves. If select
				mortality rates are used, they may be multiplied by X percent for durations in
				the first segment, subject to the conditions specified in Sections 5B(3)(a) to
				(i). In demonstrating compliance with those conditions, the demonstrations may
				not combine the results of tests that utilize the 1980 CSO mortality table with
				those tests that utilize the 2001 CSO mortality table, unless the combination
				is explicitly required by regulation or necessary to be in compliance with
				relevant actuarial standards of practice.
(5)
Section 17:
The valuation
				mortality table used in determining the tabular cost of insurance shall be the
				ultimate mortality rates in the 2001 CSO mortality table.
(6)
Subsection E of Section 19:
The calculations specified in Section 19 shall use the ultimate mortality rates
				in the 2001 CSO mortality table.
(7)
Subsection E of Section 20:
The calculations specified in Section 20 shall use the ultimate mortality rates
				in the 2001 CSO mortality table.
(8)
Subsection B of Section 21:
The calculations specified in Section 21 shall use the ultimate mortality rates
				in the 2001 CSO mortality table.
(9)
Subparagraph (b) of Paragraph (1)
				of Subsection A of Section 23:
The one-year valuation premium shall be
				calculated using the ultimate mortality rates in the 2001 CSO mortality
				table.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 16 - USE OF 2001 COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE › Section 13.9.16.11 - GENDER-BLENDED TABLES

Current through Register Vol. 35, No. 13, July 16, 2024
A. For any
				ordinary life insurance policy delivered or issued for delivery in this state
				on and after January 1, 2004, that utilizes the same premium rates and charges
				for male and female lives or is issued in circumstances where applicable law
				does not permit distinctions on the basis of gender, a mortality table that is
				a blend of the 2001 CSO mortality table (M) and the 2001 CSO mortality table
				(F) may, at the option of the company for each plan of insurance, be
				substituted for the 2001 CSO mortality table for use in determining minimum
				cash surrender values and amounts of paid-up nonforfeiture benefits. No change
				in minimum valuation standards is implied by this subsection.
B. The company may choose from among the
				blended tables developed by the American academy of actuaries CSO task force
				and adopted by the NAIC in December 2002.
C. It shall not, in and of itself, be a
				violation of Section 59A-16-13 NMSA 1978 for an insurer to issue the same kind
				of policy of life insurance on both a sex-distinct and sex-neutral
				basis.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule shall apply to the solicitation or sale of any life
				  insurance or annuity product by an insurer or insurance producer to an active
				  duty service member of the United States armed forces.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections 59A-2-9, 59A-16-3, 59A-16-4, 59A-16-5 and 59A-16-15
				  NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of this rule is to set forth standards to
				  protect active duty service members of the United States armed forces from
				  dishonest and predatory insurance sales practices by declaring certain
				  identified practices to be false, misleading, deceptive or
				  unfair.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.8 - EXEMPTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. This rule shall
				not apply to solicitations or sales involving:
(1) credit insurance;
(2) group life insurance or group annuities
				where there is no in-person, face-to-face solicitation of individuals by an
				insurance producer or where the contract or certificate does not include a side
				fund;
(3) an application to the
				existing insurer that issued the existing policy or contract when a contractual
				change or a conversion privilege is being exercised; or, when the existing
				policy or contract is being replaced by the same insurer pursuant to a program
				filed with and approved by the superintendent of insurance; or, when a term
				conversion privilege is exercised among corporate affiliates;
(4) individual stand-alone health policies,
				including disability income policies;
(5) contracts offered by SGLI or VGLI as
				authorized by
				38
				U.S.C. Section 1965 et seq;
(6) life insurance contracts offered through
				or by a non-profit military association, qualifying under Section 501 (c) (23)
				of the IRC, and which are not underwritten by an insurer; or
(7) contracts used to fund:
(a) an employee pension or welfare benefit
				plan that is covered by the Employee Retirement and Income Security
				Act;
(b) a plan described by
				Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the IRC, as amended, if
				established or maintained by an employer;
(c) a government or church plan defined in
				Section 414 of the IRC, a government or church welfare benefit plan, or a
				deferred compensation plan of a state or local government or tax exempt
				organization under Section 457 of the IRC;
(d) a nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor;
(e) settlements of or assumptions of
				liabilities associated with personal injury litigation or any dispute or claim
				resolution process; or
(f)
				prearranged funeral contracts.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.9 - PRACTICES DECLARED FALSE, MISLEADING, DECEPTIVE OR UNFAIR ON A MILITARY INSTALLATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				following acts or practices when committed on a military installation by an
				insurer or insurance producer with respect to the in-person, face-to-face
				solicitation of life insurance are declared to be false, misleading, deceptive
				or unfair:
(1) knowingly soliciting the
				purchase of any life insurance product "door to door" or without first
				establishing a specific appointment for each meeting with the prospective
				purchaser.
(2) soliciting service
				members in a group or "mass" audience or in a "captive" audience where
				attendance is not voluntary.
(3)
				knowingly making appointments with or soliciting service members during their
				normally scheduled duty hours.
(4)
				making appointments with or soliciting service members in barracks, day rooms,
				unit areas, or transient personnel housing or other areas where the
				installation commander has prohibited solicitation.
(5) soliciting the sale of life insurance
				without first obtaining permission from the installation commander or the
				commander's designee.
(6) posting
				unauthorized bulletins, notices or advertisements.
(7) failing to present DD form 2885, personal
				commercial solicitation evaluation, to service members solicited or encouraging
				service members solicited not to complete or submit a DD form 2885.
(8) knowingly accepting an application for
				life insurance or issuing a policy of life insurance on the life of an enlisted
				member of the United States armed forces without first obtaining for the
				insurer's files a completed copy of any required form which confirms that the
				applicant has received counseling or fulfilled any other similar requirement
				for the sale of life insurance established by regulations, directives or rules
				of the DoD or any branch of the armed forces.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.10 - CORRUPT PRACTICES, IMPROPER INFLUENCES OR INDUCEMENTS REGARDLESS OF LOCATION

Current through Register Vol. 35, No. 13, July 16, 2024
The following acts or practices by an insurer or insurance
				  producer constitute corrupt practices, improper influences or inducements and
				  are declared to be false, misleading, deceptive or unfair:
A. submitting, processing or assisting in the
				submission or processing of any allotment form or similar device used by the
				United States armed forces to direct a service member's pay to a third party
				for the purchase of life insurance; the foregoing includes, but is not limited
				to, using or assisting in using a service member's MyPay account or other
				similar internet or electronic medium for such purposes; Subsection A of
				13.9.17.10 NMAC does not prohibit assisting a service member by providing
				insurer or premium information necessary to complete any allotment
				form;
B. knowingly receiving funds
				from a service member for the payment of premium from a depository institution
				with which the service member has no formal banking relationship; for purposes
				of 13.9.17.10 NMAC, a formal banking relationship is established when the
				depository institution:
(1) provides the
				service member a deposit agreement and periodic statements and makes the
				disclosures required by the Truth in Savings Act,
				12 U.S.C. §
											4301 et seq. and the regulations promulgated
				thereunder; and
(2) permits the
				service member to make deposits and withdrawals unrelated to the payment or
				processing of insurance premiums;
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.11 - ACTS OR PRACTICES THAT LEAD TO CONFUSION REGARDLESS OF LOCATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. The following
				acts or practices by an insurer or insurance producer lead to confusion
				regarding source, sponsorship, approval or affiliation and are declared to be
				false, misleading, deceptive or unfair:
(1)
				making any representation, or using any device, title, descriptive name or
				identifier that has the tendency or capacity to confuse or mislead a service
				member into believing that the insurer, insurance producer or product offered
				is affiliated, connected or associated with, endorsed, sponsored, sanctioned or
				recommended by the United States government, the United States armed forces, or
				any state or federal agency or government entity; examples of prohibited
				insurance producer titles include, but are not limited to, "battalion insurance
				counselor," "unit insurance advisor," "servicemen's group life insurance
				conversion consultant" or "veteran's benefits counselor;" or
(2) soliciting the purchase of any life
				insurance product through the use of or in conjunction with any third party
				organization that promotes the welfare of or assists members of the United
				States Armed forces in a manner that has the tendency or capacity to confuse or
				mislead a service member into believing that either the insurer, insurance
				producer or insurance product is affiliated, connected or associated with,
				endorsed, sponsored, sanctioned or recommended by the United States government,
				or the United States armed forces.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.12 - OTHER ACTS OR PRACTICES REGARDLESS OF LOCATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. The following acts or practices by an
				insurer or insurance producer regarding SGLI or VGLI are declared to be false,
				misleading, deceptive or unfair:
(1) making
				any representation regarding the availability, suitability, amount, cost,
				exclusions or limitations to coverage provided to a service member or
				dependents by SGLI or VGLI, which is false, misleading or deceptive;
(2) making any representation regarding
				conversion requirements, including the costs of coverage, or exclusions or
				limitations to coverage of SGLI or VGLI to private insurers which is false,
				misleading or deceptive; or
(3)
				suggesting, recommending or encouraging a service member to cancel or terminate
				his or her SGLI policy or issuing a life insurance policy which replaces an
				existing SGLI policy unless the replacement shall take effect upon or after the
				service member's separation from the United States armed forces.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.13 - ACTS OR PRACTICES REGARDING DISCLOSURE REGARDLESS OF LOCATION

Current through Register Vol. 35, No. 13, July 16, 2024
The following acts or practices by an insurer or insurance
				  producer with respect to the sale of certain life insurance products are
				  declared to be false, misleading, deceptive or unfair:
A. excluding individually issued annuities,
				recommending the purchase of any life insurance product which includes a side
				fund to a service member unless the insurer has reasonable grounds for
				believing that the life insurance death benefit, standing alone, is
				suitable;
B. offering for sale or
				selling a life insurance product which includes a side fund to a service member
				who is currently enrolled in SGLI, is presumed unsuitable unless, after the
				completion of a needs assessment, the insurer demonstrates that the applicant's
				SGLI death benefit, together with any other military survivor benefits, savings
				and investments, survivor income, and other life insurance are insufficient to
				meet the applicant's insurable needs for life insurance:
(1) "insurable needs" are the risks
				associated with premature death taking into consideration the financial
				obligations and immediate and future cash needs of the applicant's estate
				and/or survivors or dependents;
(2)
				"other military survivor benefits" include, but are not limited to: the death
				gratuity, funeral reimbursement, transition assistance, survivor and
				dependents' educational assistance, dependency and indemnity compensation,
				"TRICARE" healthcare benefits, survivor housing benefits and allowances,
				federal income tax forgiveness, and social security survivor
				benefits;
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 18 - USE OF PREFERRED RISK MORTALITY TABLES › Section 13.9.18.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Office of Superintendent of Insurance (OSI), Post Office Box
				  1689, Santa Fe, NM 87504-1689.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 18 - USE OF PREFERRED RISK MORTALITY TABLES › Section 13.9.18.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections 59A-2-9 and 59A-8-5 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 18 - USE OF PREFERRED RISK MORTALITY TABLES › Section 13.9.18.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 31, 2007 unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 18 - USE OF PREFERRED RISK MORTALITY TABLES › Section 13.9.18.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this regulation is to recognize, permit and
				  prescribe the use of mortality tables that reflect differences in mortality
				  between preferred and standard lives in determining minimum reserve
				  liabilities.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 18 - USE OF PREFERRED RISK MORTALITY TABLES › Section 13.9.18.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"2001 CSO
				Mortality Table"
means that mortality table, consisting of separate
				rates of mortality for male and female lives, developed by the AAA CSO task
				force from the
Valuation Basic Mortality Table
developed by
				the SOA individual life insurance valuation mortality task force, and adopted
				by the NAIC in December 2002. The
2001 CSO Mortality Table
is
				included in the
Proceedings of the NAIC
, second quarter 2002,
				and supplemented by the
2001 CSO Preferred Class Structure Mortality
				Table
defined in Subsection B of 13.9.18.7 NMAC. Unless the context
				indicates otherwise, the
2001 CSO Mortality Table
includes
				both the ultimate form of that table and the select and ultimate form of that
				table and includes both the
Smoker and Nonsmoker Mortality
				Tables
and the
Composite Mortality Tables
. It also
				includes both the age-nearest-birthday and age-last-birthday bases of the
				mortality tables. Mortality tables in the
2001 CSO Mortality
				Table
include the following:
(1)
"2001 CSO Mortality Table (F)"
means that mortality table
				consisting of the rates of mortality for female lives from the
2001 CSO
				Mortality Table
;
(2)
"2001 CSO Mortality Table (M)"
means that mortality table
				consisting of the rates of mortality for male lives from the
2001 CSO
				Mortality Table
;
(3)
"Composite Mortality Tables"
means mortality tables with rates of
				mortality that do not distinguish between smokers and nonsmokers; and
(4)
"Smoker and Nonsmoker Mortality
				Tables"
means mortality tables with separate rates of mortality for
				smokers and nonsmokers.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 18 - USE OF PREFERRED RISK MORTALITY TABLES › Section 13.9.18.8 - 2001 CSO PREFERRED CLASS STRUCTURE TABLE

Current through Register Vol. 35, No. 13, July 16, 2024
At the election of the insurer, for each calendar year of
				  issue, for any one or more specified plans of insurance and subject to
				  satisfying the conditions stated in this rule, the
2001 CSO Preferred
				  Class Structure Mortality Table
may be substituted in place of the
2001 CSO Smoker or Nonsmoker Mortality Table
as the minimum
				  valuation standard for policies issued on or after January 1, 2007. For
				  policies issued on or after January 1, 2004 and prior to January 1, 2007, these
				  tables may be substituted with the consent of the superintendent and subject to
				  the conditions of
				  13.9.18.9
				  NMAC. In determining such consent, the superintendent may rely on the consent
				  of the commissioner of the company's state of domicile. No such election shall
				  be made until the company demonstrates at least twenty percent of the business
				  to be valued on this table is in one or more of the preferred classes. A table
				  from the
2001 CSO Preferred Class Structure Mortality Table
used in place of a
2001 CSO Mortality Table
, pursuant to the
				  requirements of this rule, will be treated as part of the
2001 CSO
				  Mortality Table
only for purposes of reserve valuation pursuant to the
				  requirements of 13.9.16 NMAC, Use Of 2001 Commissioners Standard Ordinary
				  Mortality Table.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 18 - USE OF PREFERRED RISK MORTALITY TABLES › Section 13.9.18.9 - CONDITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. For each plan of
				insurance with separate rates for preferred and standard nonsmoker lives, an
				insurer may use the
Super Preferred Nonsmoker
,
Preferred Nonsmoker
, and
Residual Standard Nonsmoker
				Tables
to substitute for the
Nonsmoker Mortality
				Table
found in the
2001 CSO Mortality Table
to
				determine minimum reserves. At the time of election and annually thereafter,
				except for business valued under the
Residual Standard Nonsmoker
				Table
, the appointed actuary shall certify that:
(1) the present value of death benefits over
				the next 10 years after the valuation date, using the anticipated mortality
				experience without recognition of mortality improvement beyond the valuation
				date for each class, is less than the present value of death benefits using the
				valuation basic table corresponding to the valuation table being used for that
				class; and
(2) the present value of
				death benefits over the future life of the contracts, using anticipated
				mortality experience without recognition of mortality improvement beyond the
				valuation date for each class, is less than the present value of death benefits
				using the valuation basic table corresponding to the valuation table being used
				for that class.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 18 - USE OF PREFERRED RISK MORTALITY TABLES › Section 13.9.18.10 - SEPARABILITY

Current through Register Vol. 35, No. 13, July 16, 2024
If any provision of this rule or its application to any
				  person or circumstance is for any reason held to be invalid, the remainder of
				  the rule and the application of the provision to other persons or circumstances
				  shall not be affected.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 19 - PREFERRED RISK MORTALITY TABLES FOR PRENEED INSURANCE › Section 13.9.19.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to "funeral plans," as defined in Section
				  59A-49-4 NMSA 1978, to "preneed funeral contracts or prearrangements," as
				  defined in
				  13.9.5.7
				  NMAC, and to similar policies and certificates. In case of any conflict with
				  13.9.16 NMAC or 13.9.18 NMAC, the provisions of 13.9.19 NMAC, as affecting
				  funeral plans, preneed insurance or prearrangements, or similar policies and
				  certificates, shall control.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 19 - PREFERRED RISK MORTALITY TABLES FOR PRENEED INSURANCE › Section 13.9.19.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections 59A-2-8, 59A-2-9, 59A-8-5, and 59A-20-31 NMSA
				  1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 19 - PREFERRED RISK MORTALITY TABLES FOR PRENEED INSURANCE › Section 13.9.19.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 2009, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 19 - PREFERRED RISK MORTALITY TABLES FOR PRENEED INSURANCE › Section 13.9.19.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this regulation is to establish for preneed
				  insurance minimum mortality standards for reserves and nonforfeiture values,
				  and to require the use of the 1980 commissioners standard ordinary (CSO) life
				  valuation mortality table for use in determining the minimum standard of
				  valuation of reserves and the minimum standard nonforfeiture values for preneed
				  insurance. This rule is based on the national association of insurance
				  commissioners' "preneed life insurance minimum standards for determining
				  reserve liabilities and nonforfeiture values model regulation" (model 817)
				  adopted in March, 2008.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 19 - PREFERRED RISK MORTALITY TABLES FOR PRENEED INSURANCE › Section 13.9.19.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"2001 CSO
				mortality table"
means the definition in 13.9.16 NMAC and 13.9.18
				NMAC.
B.
"Ultimate 1980
				CSO"
means the commissioners' 1980 standard ordinary life valuation
				mortality tables (1980 CSO) without ten-year (10-year) selection factors,
				incorporated into the 1980 amendments to the NAIC Standard Valuation Law
				approved in December 1983.
C.
"Preneed insurance"
means "funeral plans," as defined in Section
				59A-49-4 NMSA 1978, and "preneed funeral contracts or prearrangements," as
				defined in 13.9.5.7 NMAC.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 19 - PREFERRED RISK MORTALITY TABLES FOR PRENEED INSURANCE › Section 13.9.19.8 - MINIMUM VALUATION MORTALITY STANDARDS

Current through Register Vol. 35, No. 13, July 16, 2024
For preneed insurance, as defined in paragraph C of
				  13.9.19.7
				  NMAC, and similar policies and contracts, the minimum mortality standard for
				  determining reserve liabilities and nonforfeiture values for both male and
				  female insured shall be the Ultimate 1980 CSO.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 19 - PREFERRED RISK MORTALITY TABLES FOR PRENEED INSURANCE › Section 13.9.19.9 - MINIMUM VALUATION INTEREST RATE STANDARDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The interest rates used in determining the
				minimum standard for valuation of preneed insurance shall be the calendar year
				statutory valuation interest rates as defined in Section 59A-8-5 NMSA
				1978.
B. The interest rates used in
				determining the minimum standard for nonforfeiture values for preneed insurance
				shall be the calendar year statutory nonforfeiture interest rates as defined in
				Section 59A-20-31 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 19 - PREFERRED RISK MORTALITY TABLES FOR PRENEED INSURANCE › Section 13.9.19.10 - MINIMUM VALUATION METHOD STANDARDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The method used in determining the
				standard for the minimum valuation of reserves of preneed insurance shall be
				the method defined in Section 59A-8-5 NMSA 1978.
B. The method used in determining the
				standard for the minimum nonforfeiture values for preneed insurance shall be
				the method defined in Section 59A-20-31 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 19 - PREFERRED RISK MORTALITY TABLES FOR PRENEED INSURANCE › Section 13.9.19.11 - TRANSITION RULES

Current through Register Vol. 35, No. 13, July 16, 2024
A. For preneed
				insurance policies issued on or after the effective date of this regulation and
				before January 1, 2012, the 2001 CSO may be used as the minimum standard for
				reserves and minimum standard for nonforfeiture benefits for both male and
				female insureds.
B. If an insurer
				elects to use the 2001 CSO as a minimum standard for any policy issued on or
				after the effective date of this regulation and before January 1, 2012, the
				insurer shall provide, as a part of the actuarial opinion memorandum submitted
				in support of the company's asset adequacy testing, an annual written
				notification to the domiciliary commissioner or superintendent of insurance.
				The notification shall include:
(1) a
				complete list of all preneed insurance policy forms that use the 2001 CSO as a
				minimum standard;
(2) a
				certification signed by the appointed actuary stating that the reserve
				methodology employed by the company in determining reserves for the preneed
				insurance policies issued after the effective date and using the 2001 CSO as a
				minimum standard, develops adequate reserves (for the purposes of this
				certification, the preneed insurance policies using the 2001 CSO as a minimum
				standard cannot be aggregated with any other policies.); and
(3) supporting information regarding the
				adequacy of reserves for preneed insurance policies issued after the effective
				date of this regulation and using the 2001 CSO in the calculation of minimum
				nonforfeiture values and minimum reserves.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Section 13.9.20.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to any sale or recommendation of an annuity
				  in New Mexico or to a resident of New Mexico, regardless of an insurance
				  producer's state of domicile.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Section 13.9.20.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Chapter 59A, Article 16 NMSA 1978 and Section
				  59A-2-9
				  NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Section 13.9.20.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 1, 2022, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Section 13.9.20.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
A. This rule
				requires an insurance producer as defined in Section 59A-12-2E NMSA 1978 to act
				in the best interest of a consumer when making a recommendation of an annuity
				and require an insurer to establish and maintain a system to supervise
				recommendations so that the insurance needs and financial objectives of the
				consumer at the time of the transaction are effectively addressed.
B. Another objective of this rule is to
				regulate trade practices in the insurance business and related businesses in
				accordance with the intent of Congress, as expressed in the Act of Congress
				approved March 9, 1945, being c. 20, 59 Stat. 33, also designated as
				15 U.S.C. Sections
				1011 to
				1015,
				inclusive, by defining, or providing for determination of, practices in this
				state which constitute unfair methods of competition or unfair or deceptive
				acts or practices so defined or determined.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Section 13.9.20.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
For the purposes of this rule:
A.
"Annuity"
means an annuity
				that is an insurance product under state law that is individually solicited,
				whether the product is classified as an individual or group annuity.
B.
"Cash compensation"
means any
				discount, concession, fee, service fee, commission, sales charge, loan,
				override or cash benefit received by an insurance producer in connection with
				the recommendation or sale of an annuity from an insurer, intermediary or
				directly from the consumer.
C.
"Comparable standards"
means:
(1)
				for broker-dealers and registered representatives of broker-dealers, applicable
				SEC and FINRA rules pertaining to best interest obligations and supervision of
				annuity recommendations and sales, including, but not limited to, the most
				current version of Regulation Best Interest as promulgated by the SEC and
				codified at 84 F.R. 33318, and any amendments or successor rules
				thereto;
(2) for investment
				advisers registered under federal or state securities laws or investment
				adviser representatives, the fiduciary duties and all other requirements
				imposed on such investment advisers or investment adviser representatives by
				contract or under the Investment Advisers Act of 1940 or the New Mexico Uniform
				Securities Act, Section C of Chapter 58, Article 13 NMSA 1978, including but
				not limited to, SEC Form ADV and interpretations; and
(3) for plan fiduciaries or fiduciaries, the
				duties, obligations, prohibitions and all other requirements attendant to such
				status under ERISA or the IRC and any amendments or successor statutes
				thereto.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Section 13.9.20.8 - EXCEPTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Unless otherwise specifically stated, this rule shall not
				  apply to transactions involving:
A. a
				direct response solicitation when there is no recommendation based on
				information collected from the consumer pursuant to this rule;
B. a contract used to fund:
(1) an employee pension or welfare benefit
				plan that is covered by ERISA;
(2)
				a plan described by Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the
				IRC, as amended, if established or maintained by an employer;
(3) a government or church plan defined in
				Section 414 of the IRC, a government or church welfare benefit plan, or a
				deferred compensation plan of a state or local government or tax-exempt
				organization under Section 457 of the IRC; or
(4) a nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor;
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Section 13.9.20.10 - INSURANCE PRODUCER TRAINING

Current through Register Vol. 35, No. 13, July 16, 2024
An insurance producer shall not solicit the sale of an
				  annuity product unless the insurance producer has adequate knowledge of the
				  product to recommend the annuity and the insurance producer is in compliance
				  with the insurer's standards for product training. An insurance producer may
				  rely on insurer-provided product-specific training standards and materials to
				  comply with this rule.
A. An insurance
				producer who engages in the sale of annuity products shall complete a one-time
				four-credit training course approved by OSI and provided by an OSI-approved
				education provider.
B. An insurance
				producer who holds a life insurance line of authority on the effective date of
				this rule and who desires to sell annuities shall complete the requirements of
				this section within six months of the effective date of this rule. An insurance
				producer who obtains a life insurance line of authority on or after the
				effective date of this rule may not engage in the sale of annuities until the
				required annuity training course has been completed.
C. The minimum length of the training
				required under this rule shall be sufficient to qualify for at least four CE
				credits but may be longer.
D. The
				training required under this rule shall include information on the following
				topics:
(1) the types of annuities and various
				classifications of annuities;
(2)
				identification of the parties to an annuity;
(3) how product-specific annuity contract
				features affect consumers;
(4) the
				application of income taxation of qualified and non-qualified
				annuities;
(5) the primary uses of
				annuities; and
(6) appropriate
				standards of conduct, sales practices, replacement and disclosure
				requirements.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Section 13.9.20.11 - RECORD KEEPING

Current through Register Vol. 35, No. 13, July 16, 2024
A. An insurer,
				general agent, independent agency or insurance producer shall maintain and make
				available to OSI, upon request, records of the information collected from the
				consumer, disclosures made to the consumer, including summaries of oral
				disclosures, and other information used in making the recommendations that were
				the basis for each insurance transaction for five years after the insurance
				transaction is completed by the insurer. An insurer is permitted, but shall not
				be required, to maintain documentation on behalf of an insurance
				producer.
B. Records required to be
				maintained by this rule may be maintained in any form that accurately
				reproduces the actual document.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Section 13.9.20.12 - COMPLIANCE MITIGATION; PENALTIES; ENFORCEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. An insurer is responsible for compliance
				with this rule. If a violation occurs, either because of the action or inaction
				of the insurer or its insurance producer, the superintendent may order:
(1) an insurer to take reasonably appropriate
				corrective action for any consumer harmed by a failure to comply with this rule
				by the insurer, an entity contracted to perform the insurer's supervisory
				duties or by an insurance producer;
(2) a general agency, independent agency or
				an insurance producer to take reasonably appropriate corrective action for any
				consumer harmed by an insurance producer's violation of this rule;
				and
(3) appropriate penalties and
				sanctions.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Appendix B - CONSUMER REFUSAL TO PROVIDE INFORMATION

Current through Register Vol. 35, No. 13, July 16, 2024
Do Not Sign Unless You Have Read and Understand the
				  Information in this Form
WHY ARE YOU BEING GIVEN THIS FORM?
You are buying a financial product: an annuity.
To recommend a product that effectively meets Your needs,
				  objectives and situation, the agent, broker or insurer needs information about
				  You, Your financial situation, insurance needs and financial objectives.
If You sign this form, it means You have not given the agent,
				  broker or insurer some or all the information needed to decide if the annuity
				  effectively meets Your needs, objectives and situation. You may lose
				  protections under the New Mexico Insurance Code if You sign this form or
				  provide inaccurate information.
Statement of Purchaser:
* I
REFUSE
to provide this information at this
				  time.
* I have chosen to provide
LIMITED
information
				  at this time.
__________________________________________
Consumer Signature
______________________
Date
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 20 - SUITABILITY IN ANNUITY TRANSACTIONS › Appendix C - CONSUMER DECISION TO PURCHASE AN ANNUITY NOT BASED ON A RECOMMENDATION

Current through Register Vol. 35, No. 13, July 16, 2024
Do Not Sign This Form Unless You Have Read and
				  Understand It.
WHY ARE YOU BEING GIVEN THIS FORM?
You are buying a financial product: an annuity.
To recommend a product that effectively meets Your needs,
				  objectives and situation, the agent, broker or insurer has the responsibility
				  to learn about You, your financial situation, insurance needs and financial
				  objectives.
If You sign this form, it means You know that you are buying
				  an annuity that was not recommended.
Statement of Purchaser:
I understand that I am buying an annuity, but the agent,
				  broker or insurer did not recommend that I buy it. If I buy it
without a
				  recommendation
, I understand I may lose protections under the New Mexico
				  Insurance Code.
__________________________________________
Consumer Signature
______________________
Date
__________________________________________
Insurance Producer Signature
______________________
Date