New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 17 - MILITARY SALES PRACTICES › Section 13.9.17.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Active
				Duty
means full-time duty in the active military service of the United
				States and includes members of the reserve component, national guard and
				reserve, while serving under published orders for active duty or full-time
				training. The term does not include members of the reserve component who are
				performing active duty or active duty for training under military calls or
				orders specifying periods of less than 31 calendar days.
B.
DoD
means department of
				defense.
C.
DoD
				personnel
means all active duty service members and all civilian
				employees, including nonappropriated fund employees and special government
				employees, of the department of defense.
D.
Door to door
means a
				solicitation or sales method whereby an insurance producer proceeds randomly or
				selectively from household to household without prior specific
				appointment.
E.
General
				advertisement
means an advertisement having as its sole purpose the
				promotion of the reader's or viewer's interest in the concept of insurance, or
				the promotion of the insurer or the insurance producer.
F.
Insurer
means an insurance
				company required to be licensed under the laws of this state to provide life
				insurance products, including annuities.
G.
Insurance producer
means a
				person required to be licensed under the laws of this state to sell, solicit or
				negotiate life insurance, including annuities.
H.
IRC
means the Internal
				Revenue Code.
I.
Known or
				knowingly
means, depending on its use herein, the insurance producer or
				insurer had actual awareness, or in the exercise of ordinary care should have
				known, at the time of the act or practice complained of, that the person
				solicited is a service member.
J.
Life insurance,
as used in 13.9.17 NMAC, means insurance coverage
				on human lives including benefits of endowment and annuities, and may include
				benefits in the event of death or dismemberment by accident and benefits for
				disability income and unless otherwise specifically excluded, includes
				individually issued annuities.
K.
Military installation
means any federally owned, leased, or
				operated base, reservation, post, camp, building, or other facility to which
				service members are assigned for duty, including barracks, transient housing,
				and family quarters.
L.
MyPay
means the defense finance and accounting service web-based
				system that enables service members to process certain discretionary pay
				transactions or provide updates to personal information data elements without
				using paper forms.
M.
Service
				member
means any active duty officer, commissioned and warrant, or
				enlisted member of the United States armed forces.
N.
SGLI
means servicemembers'
				group life insurance.
O.
Side
				fund
means a fund or reserve that is part of or otherwise attached to a
				life insurance policy, excluding individually issued annuities, by rider,
				endorsement or other mechanism which accumulates premium or deposits with
				interest or by other means. The term does not include:
(1) accumulated value or cash value or
				secondary guarantees provided by a universal life policy;
(2) cash values provided by a whole life
				policy which are subject to standard nonforfeiture law for life insurance;
				or
(3) a premium deposit fund
				which:
(a) contains only premiums paid in
				advance which accumulate at interest;
(b) imposes no penalty for
				withdrawal;
(c) does not permit
				funding beyond future required premiums;
(d) is not marketed or intended as an
				investment; and
(e) does not carry
				a commission, either paid or calculated.