New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 18 - CREDIT INSURANCE › Part 2 - CREDIT LIFE AND CREDIT HEALTH INSURANCE › Section 13.18.2.26 - PRESUMPTIVELY ACCEPTABLE RELATION OF CREDIT ACCIDENT AND HEALTH BENEFITS TO PREMIUMS (PRIMA FACIE)

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				superintendent may presume (subject, however, to a rebuttal of the presumption)
				that the benefits of an accident and health insurance form are reasonable in
				relation to the premium charged if the premium rate schedule for such accident
				and health benefits, as filed, does not exceed an amount equal to, or
				actuarially consistent with the following rate:
CREDIT ACCIDENT AND HEALTH INSURANCE
SINGLE PREMIUM RATE PER $100 OF INITIAL INSURED
				  INDEBTEDNESS
ORIGINAL NUMBER OF EQUAL MONTHLY INSTALLMENTS
BENEFITS PAYABLE AFTER THE 14TH DAY OF
						  DISABILITY
BENEFITS PAYABLE AFTER THE 30TH DAY OF
						  DISABILITY
RETROACTIVE TO THE FIRST DAY
NON- RETROACTIVE
RETROACTIVE TO THE FIRST DAY
NON-RETROACTIVE
3
0.73
0.51
4
0.95
0.67
5
1.17
0.84
6
1.34
1.01
0.94
0.63
7
1.42
1.13
1.03
0.72
8
1.49
1.20
1.11
0.81
9
1.54
1.26
1.18
0.88
10
1.60
1.31
1.26
0.95
11
1.66
1.37
1.30
1.01
12
1.70
1.41
1.34
1.07
13
1.75
1.45
1.39
1.12
14
1.80
1.50
1.44
1.17
15
1.86
1.54
1.50
1.22
16
1.91
1.58
1.55
1.26
17
1.97
1.61
1.61
1.31
18
2.02
1.64
1.66
1.35
19
2.08
1.67
1.72
1.39
20
2.13
1.70
1.77
1.44
21
2.18
1.73
1.82
1.46
22
2.23
1.76
1.87
1.48
23
2.30
1.79
1.94
1.51
24
2.34
1.82
1.98
1.53
25
2.40
1.85
2.03
1.54
26
2.45
1.87
2.09
1.56
27
2.51
1.90
2.14
1.58
28
2.56
1.94
2.18
1.60
29
2.62
1.98
2.23
1.63
30
2.66
2.03
2.29
1.67
31
2.73
2.09
2.34
1.71
32
2.78
2.14
2.39
1.75
33
2.83
2.19
2.45
1.79
34
2.88
2.24
2.50
1.83
35
2.94
2.30
2.54
1.88
36
2.99
2.34
2.59
1.92
37
3.02
2.38
2.63
1.96
38
3.05
2.42
2.66
2.01
39
3.07
2.45
2.70
2.05
40
3.10
2.49
2.73
2.09
41
3.13
2.52
2.76
2.13
42
3.16
2.56
2.79
2.18
43
3.18
2.59
2.82
2.22
44
3.21
2.63
2.86
2.26
45
3.24
2.66
2.89
2.30
46
3.26
2.70
2.93
2.34
47
3.29
2.74
2.95
2.38
48
3.31
2.78
2.99
2.43
49
3.34
2.80
3.02
2.48
50
3.37
2.82
3.05
2.54
51
3.38
2.85
3.07
2.59
52
3.41
2.87
3.10
2.64
53
3.44
2.90
3.13
2.68
54
3.46
2.92
3.16
2.75
55
3.48
2.94
3.18
2.79
56
3.51
2.97
3.21
2.83
57
3.53
2.99
3.24
2.89
58
3.55
3.02
3.26
2.94
59
3.58
3.04
3.29
3.00
60
3.60
3.06
3.31
3.04
61
3.62
3.09
3.34
3.07
62
3.66
3.11
3.38
3.08
63
3.67
3.14
3.39
3.11
64
3.70
3.16
3.42
3.12
65
3.73
3.18
3.46
3.15
66
3.74
3.21
3.48
3.16
67
3.77
3.23
3.50
3.19
68
3.80
3.26
3.53
3.20
69
3.82
3.28
3.56
3.23
70
3.84
3.30
3.59
3.24
71
3.87
3.33
3.61
3.27
72
3.89
3.35
3.64
3.29
73
3.91
3.38
3.67
3.31
74
3.94
3.40
3.70
3.32
75
3.96
3.42
3.72
3.35
76
3.98
3.45
3.74
3.38
77
4.02
3.47
3.78
3.39
78
4.03
3.50
3.81
3.41
79
4.06
3.52
3.82
3.44
80
4.09
3.54
3.86
3.46
81
4.10
3.57
3.89
3.48
82
4.13
3.59
3.91
3.50
83
4.16
3.62
3.94
3.52
84
4.18
3.64
3.98
3.55
85
4.20
3.66
3.99
3.56
86
4.23
3.69
4.02
3.59
87
4.25
3.71
4.04
3.62
88
4.27
3.74
4.07
3.65
89
4.30
3.76
4.10
3.66
90
4.32
3.78
4.13
3.69
91
4.34
3.81
4.15
3.71
92
4.38
3.83
4.18
3.73
93
4.39
3.86
4.21
3.75
94
4.42
3.88
4.24
3.78
95
4.45
3.90
4.26
3.81
96
4.46
3.93
4.29
3.83
97
4.49
3.95
4.32
3.85
98
4.52
3.98
4.34
3.88
99
4.54
4.00
4.37
3.91
100
4.56
4.02
4.39
3.93
101
4.59
4.05
4.42
3.96
102
4.61
4.07
4.46
3.98
103
4.63
4.10
4.47
4.01
104
4.66
4.12
4.50
4.03
105
4.68
4.14
4.54
4.06
106
4.70
4.17
4.56
4.09
107
4.74
4.19
4.58
4.11
108
4.75
4.22
4.61
4.13
109
4.78
4.24
4.64
4.16
110
4.81
4.26
4.67
4.19
111
4.82
4.29
4.69
4.21
112
4.85
4.31
4.72
4.25
113
4.88
4.34
4.75
4.28
114
4.90
4.36
4.78
4.30
115
4.92
4.38
4.80
4.33
116
4.95
4.41
4.82
4.36
117
4.97
4.43
4.86
4.38
118
4.99
4.46
4.89
4.41
119
5.02
4.48
4.90
4.45
120
5.04
4.50
4.94
4.46
B. A monthly
				premium of $0.15 per $100 of outstanding balance may be presumed reasonable for
				a disability benefit which consists of a lump sum payment of the amount of
				indebtedness covered at the beginning of disability, such payment to be made
				after disability has continued for 90 consecutive days. A daily benefit does
				not apply to this coverage.
C.
				Except for credit accident and health insurance sold in connection with
				open-end loans, the rates for premiums payable on other than a single premium
				basis shall be actuarially consistent with the rates set forth in Subsection A
				of 13.18.2.26 NMAC above. Such premium rates will be deemed actuarially
				consistent with the foregoing single premium rates if such rates produce a
				total premium for any duration and amount of insurance equal to the
				corresponding single premium for the same duration and amount of insurance.
				Rates computed according to the following formula are presumed to satisfy this
				requirement: Op = 20SPn/n+1, where:
(1)
SPn
= single premium rate per $100 of initial indebtedness
				repayable in "n" installments;
(2)
Op
= monthly outstanding balance premium rate per
				$1,000;
(3)
n
=
				original repayment period, in months.