reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 6 - PERSONAL INSURANCE CREDIT INFORMATION › Section 13.8.6.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule applies to personal insurance written by an insurer
				  or a group of affiliated insurers authorized to do business in New Mexico or
				  written pursuant to the FAIR Plan Act, but does not apply to commercial
				  insurance or any other types of insurance.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 6 - PERSONAL INSURANCE CREDIT INFORMATION › Section 13.8.6.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section 59A-2-9 NMSA 1978 and the Personal Insurance Credit
				  Information Act, Chapter 59A, Article 17A NMSA 1978 (being Laws 2005, Chapter
				  275).
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 6 - PERSONAL INSURANCE CREDIT INFORMATION › Section 13.8.6.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to implement portions of the
				  Personal Insurance Credit Information Act, Chapter 59A, Article 17A NMSA 1978
				  (being Laws 2005, Chapter 275).
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 6 - PERSONAL INSURANCE CREDIT INFORMATION › Section 13.8.6.8 - ADVERSE ACTION NOTIFICATION

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				The notification to consumers required by 59A-17A-8 NMSA 1978 and 13.8.6 NMAC
				shall be in one document, shall address the consumer by name and shall, in
				addition to the information described in Subsections A and B of 59A-17A-8 NMSA
				1978, provide the consumer with the following information:
(1) the name, address, and telephone number
				of the consumer reporting agency or third party vendor that provided the
				information and how the consumer can obtain a free copy of his credit report
				from that entity;
(2) the insurer,
				and not the consumer reporting agency or third party vendor, made the decision
				regarding insurance and the consumer reporting agency or third party vendor
				cannot provide the consumer with the reasons for the adverse action;
(3) if the consumer finds inaccurate or
				incomplete information in his credit report and so notifies the consumer
				reporting agency or third party vendor, the consumer reporting agency is
				required to investigate and correct any information that it determines is
				inaccurate or incomplete, or concerning which the accuracy can no longer be
				verified;
(4) if the consumer
				reporting agency corrects any information in the credit report, the consumer
				must instruct the consumer reporting agency to notify the insurer in order for
				the insurer to know of this correction;
(5) how the consumer can obtain an annual
				free copy of his credit report from each of the major national consumer
				reporting agencies, under federal law; and
(6) the life circumstances considered by the
				insurer in its extraordinary life circumstances exception policy are those that
				have occurred within three years of the date of application for or renewal of
				personal insurance coverage and include the following:
(a) an acute or chronic medical condition,
				illness, injury or disease;
(b)
				divorce;
(c) death of a spouse,
				child or parent;
(d) involuntary
				loss of employment for more than three consecutive months;
(e) identity theft; or
(f) total or other loss that makes a home
				uninhabitable.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 6 - PERSONAL INSURANCE CREDIT INFORMATION › Section 13.8.6.9 - INSURANCE SCORING FILINGS

Current through Register Vol. 35, No. 13, July 16, 2024
Insurers shall include in the heading of the cover letter for
				  filings made pursuant to 59A-17A-9 NMSA 1978 the following words in bold
				  uppercase type:
CONFIDENTIAL INSURANCE SCORING
				  FILING
.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 7 - NOTIFICATION REQUIREMENT OF DISCONTINUATION OF INSURANCE PRODUCT › Section 13.8.7.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections 59A-2-8, 59A-2-9, and 59A-18-29 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 7 - NOTIFICATION REQUIREMENT OF DISCONTINUATION OF INSURANCE PRODUCT › Section 13.8.7.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
July 16, 2024, unless a later date is cited at the end of a section.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 7 - NOTIFICATION REQUIREMENT OF DISCONTINUATION OF INSURANCE PRODUCT › Section 13.8.7.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to alert existing and prospective insureds of a property and casualty insurer's discontinuation of an insurance product.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 7 - NOTIFICATION REQUIREMENT OF DISCONTINUATION OF INSURANCE PRODUCT › Section 13.8.7.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
As used in this part, the following terms are defined:
A.
"bureau"
means the property and casualty bureau of the OSI.
B.
"delivering"
means sending via electronic mail to the bureau chief listed on the OSI website or sending via U. S. mail addressed to the bureau chief listed on the OSI website.
C.
"discontinue or discontinuation"
means any of the following:
(1) an insurer's unilateral decision to terminate an insurance product during a policy term or to not renew an insurance product after the end of a policy term;
(2) such termination of an insurance product by an insurer when a replacement insurance product is offered by an affiliate or by the insurer; or
(3) an insurer's unilateral decision to no longer offer an insurance product.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 8 - INSURANCE POLICIES AND RATES › Part 7 - NOTIFICATION REQUIREMENT OF DISCONTINUATION OF INSURANCE PRODUCT › Section 13.8.7.8 - NOTIFICATION REQUIREMENT

Current through Register Vol. 35, No. 13, July 16, 2024
All property or casualty insurance insurers that discontinue any insurance product shall provide at least 30 days' notice to the bureau prior to the effective date of the discontinuation of the first insurance product, by delivering a written letter to the bureau chief identifying the insurance product, including:
A. the effective date that the first insurance product will be discontinued; and
B. the total number of insured that will be affected.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico State Corporation Commission [Public Regulation
				  Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM
				  87504-1269.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule shall apply, but is not limited, as follows:
A. to acts and practices in the advertising,
				promotion, offering, solicitation, negotiation of or effecting the sale of:
(1) life insurance policies, endowments and
				annuity contracts being offered for sale or purchase concurrently with the sale
				of shares of a mutual fund or other security;
(2) contracts which contemplate the offering
				or the purchase of a life insurance policy, endowment or annuity contract
				concurrent with the sale of shares of a mutual fund or other
				security;
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section 59A-2-9 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.4 - DURATION

Current through Register Vol. 35, No. 13, July 16, 2024
Permanent.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
July 1, 1997, unless a later date is cited at the end of a
				  section or paragraph.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to establish the minimum
				  standards for disclosure of information in the sales of life insurance
				  policies, endowments or annuity contracts, concurrently with the sale of mutual
				  fund shares or other securities.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.8 - RESPONSIBILITY OF INSURANCE COMPANY AND AGENT

Current through Register Vol. 35, No. 13, July 16, 2024
No insurance company, agent, or person to whom this rule
				  applies shall make, concurrent with the sales of life insurance policies,
				  endowments and annuity contracts and mutual fund shares or other securities, a
				  proposal or billing other than in accordance with the requirements of this
				  rule.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.9 - TIE-IN SALES

Current through Register Vol. 35, No. 13, July 16, 2024
The insurance agent or solicitor at the commencement of and
				  throughout the sales presentation, must fully disclose to the purchaser that he
				  has the right to purchase a life insurance policy, an endowment or an annuity
				  contract only; mutual fund shares or other securities only, or together a life
				  insurance policy or an endowment or an annuity and mutual fund shares or other
				  securities.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.10 - WRITTEN PROPOSAL

Current through Register Vol. 35, No. 13, July 16, 2024
In any solicitation of an offer to buy, or in any sale of a
				  life insurance policy, an endowment or an annuity contract, concurrently with
				  the sale of shares of a mutual fund or other security, the prospect or
				  policyholder must be furnished a copy of a clear and unambiguous written
				  proposal not later than at the time the solicitation or proposal is made. A
				  copy of such written proposal shall be kept on file by the insurance agent, or
				  by the insurance company if no agent is involved.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.11 - CONTENTS OF PROPOSAL

Current through Register Vol. 35, No. 13, July 16, 2024
Any proposal referred to in this rule must:
A. be dated and signed by the insurance
				agent;
B. state the name of the
				company in which the life insurance policy, or endowment or annuity contract is
				to be written;
C. state that the
				purchaser has the right to purchase a life insurance policy, or an endowment or
				an annuity contract only, mutual fund shares or other securities only, or
				together a life insurance policy, an endowment and an annuity contract and
				mutual fund shares or other securities;
D. be accurate and complete and state all
				facts without which the proposal would have the capacity or tendency to mislead
				or deceive;
E. show the premium
				charge for life insurance policy, or endowment or annuity contract separately
				from any other charge;
F. show the
				value of the life insurance policy, or endowment or annuity contract, if any,
				separately from any other value;
G.
				show the amount of the death benefit for the life insurance policy, if it is
				involved in the presentation, separately from any other benefit which may
				accrue upon the death of the insured;
H. set forth separately all matters
				pertaining to the life insurance policy, endowment or annuity contract, if any
				are involved;
I. set forth policy
				numbers, name of company, face value and cash values of all existing policies
				which are to be surrendered if the proposal is accepted.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.12 - STATEMENT TO BE SEPARATE

Current through Register Vol. 35, No. 13, July 16, 2024
Any bill, statement, draft, or representation sent or
				  delivered to any policyholder must show the premium charge for the life
				  insurance policy, an endowment or an annuity contract separate from any other
				  charges or values shown in the same billing, but nothing in this section shall
				  prevent the disclosure of the total premium charge for the life insurance
				  policy or the endowment or the annuity contract stated with any other charges
				  or values shown in the same billing to arrive at the total billing
				  charge.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.13 - MAINTENANCE OF FILE BY INSURANCE COMPANY

Current through Register Vol. 35, No. 13, July 16, 2024
A.
File of advertising and other sales
				material:
Each insurance company to whom this rule applies, shall
				maintain at its home or principal office a complete file containing every
				printed, published, or prepared advertisement, advertising material, sales
				literature and sales aid of any other kind used in connection with the
				concurrent sale of life insurance policies, endowments or annuity contracts and
				mutual fund shares or other securities as may hereafter be prepared or
				disseminated in this state, with a notation attached to each such piece of
				material which shall indicate the manner and extent of distribution, the nature
				of use and the form number of any policy or contract issued in connection with
				the offering. Such file shall be subject to regular and periodical inspection
				by the superintendent of insurance or his authorized representatives. All such
				material shall be maintained in said file for a period of not less than three
				years.
B.
Certificate of
				compliance:
Each insurance company required to file an annual statement
				which is now or which hereafter becomes subject to the provisions of this rule
				must file with the department of insurance, together with its annual statement,
				a certificate executed by an authorized officer of the insurance company
				wherein it is stated that to the best of his knowledge, information and belief
				the advertisements, advertising material, sales literature and sales aids which
				were disseminated by the insurance company during the preceding statement year
				comply or were made to comply in all respects with the provisions of the
				insurance laws of this state as implemented and interpreted by this
				rule.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.14 - EXCLUSION

Current through Register Vol. 35, No. 13, July 16, 2024
The provisions of this rule shall not apply to any
				  arrangement for the concurrent purchase of a life insurance policy, an
				  endowment or an annuity contract and mutual fund shares or other securities
				  which arrangement would be deemed a "security" as defined by the Sale of
				  Insurance Securities Law, Section 59A-35-1 et seq NMSA 1978. However, any sales
				  literature and contract to purchase a life insurance policy, an endowment or an
				  annuity contract in connection with such arrangement shall be furnished to the
				  department of insurance prior to the offering of any sale of life insurance
				  policies, endowments or annuity contracts under such an
				  arrangement.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.15 - DUAL LICENSE REQUIRED

Current through Register Vol. 35, No. 13, July 16, 2024
No person shall solicit an offer to buy or solicit the sale
				  of life insurance, endowments or annuity contracts concurrent with a sale of
				  shares of a mutual fund or other security unless the person is licensed as a
				  life insurance agent in accordance with the provisions of Section 59A-11-1 et
				  seq. and Section 59A-12-1 et seq NMSA 1978. and is also licensed to sell
				  securities by the chief of the securities bureau of the financial institutions
				  division of the regulation and licensing department.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 2 - SALES OF LIFE INSURANCE, ENDOWMENTS OR ANNUITY CONTRACTS CONCURRENT WITH SALES OF MUTUAL FUNDS OR OTHER SECURITIES › Section 13.9.2.16 - VIOLATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Any insurance
				company or agent who willfully violates any of the provisions of this rule
				shall, after a hearing, be subject to have its insurance suspended or revoked
				by the superintendent of insurance.
B. Nothing in this section shall be construed
				as limiting the power of the state to punish any person for any conduct which
				constitutes a crime by statute or at common-law, or to limit any statutory or
				common-law right of any person in any court for any act involved in the sale of
				life insurance, endowments or annuity contracts concurrently with the sale of
				shares of a mutual fund or other securities.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico State Corporation Commission [Public Regulation
				  Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM
				  87504-1269.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
July 1, 1997, unless a later date is cited at the end of a
				  section or paragraph.
Compiler's note: The words or paragraph, above, are no
					 longer applicable. Later dates are now cited only at the end of sections, in
					 the history notes appearing in
					 brackets.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The purpose of this rule is to establish the requirements for
				  issuance or delivery of variable annuities.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
For the purpose of this rule:
A.
"Agent"
means a person,
				corporation, partnership or other legal entity that under the laws of this
				state is licensed as a life insurance agent, solicitor, general agent or life
				insurance broker.
B.
"Net
				investment return"
means that the rate of investment return to be
				credited to the variable annuity contract in accordance with the terms of the
				contract after deductions for tax charges, if any, and for asset charges either
				at a rate not in excess of that stated in the contract, or in the case of a
				contract issued by a nonprofit corporation under which the contractholder
				participates fully in the investment, mortality and expense experience of the
				account, in an amount not in excess of the actual expense not offset by other
				deductions. The net investment return to be credited to a contract shall be
				determined at least monthly.
C.
"Variable annuity"
means a policy or contract that provides for
				annuity benefits that vary according to the investment experience of a separate
				account or accounts maintained by the insurer as to the policy or contract, as
				provided for in Section 59A-20-30 NMSA 1978.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.8 - QUALIFICATION OF INSURANCE COMPANIES TO ISSUE VARIABLE ANNUITIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. A company shall
				not deliver or issue for delivery variable annuities within this state unless
				it is licensed or organized to do a life insurance or annuity business in this
				state and the superintendent is satisfied that its condition or method of
				operation in connection with the issuance of these contracts will not render
				its operation hazardous to the public or its policyholders in this state. In
				this connection, the superintendent shall consider among other things:
(1) the history and financial condition of
				the company;
(2) the character,
				responsibility and fitness of the officers and directors of the company;
				and
(3) the law and rule under
				which the company is authorized in the state of domicile to issue variable
				annuities.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.9 - SEPARATE ACCOUNT

Current through Register Vol. 35, No. 13, July 16, 2024
A domestic company issuing variable annuities shall establish
				  one or more separate accounts pursuant to Section 59A-20-30 NMSA 1978 and
				  subject to the provisions in this section and in 13 nmac 9.3.10, 13 nmac 9.3.11
				  and 13 nmac 9.3.12 [now
				  13.9.3.10
				  NMAC,
				  13.9.3.11
				  NMAC and
				  13.9.3.12
				  NMAC].
A. Unless otherwise approved by
				the superintendent, assets allocated to a separate account shall be valued at
				their market value on the date of valuation, or if there is no readily
				available market, then as provided under the terms of the contract or the rules
				or other written agreement applicable to the separate account. Unless otherwise
				approved by the superintendent, the portion, if any, of the assets of the
				separate account equal to the company's reserve liability with regard to the
				benefits and funds referred to in 13 NMAC 9.3.10.2 [now Subsection B of
				13.9.3.10 NMAC] shall be valued in accordance with the rules otherwise
				applicable to the company's assets.
B. To the extent provided under the
				applicable contracts, that portion of the assets of a separate account equal to
				the reserves and other contract liabilities with respect to the account shall
				not be chargeable with liabilities arising out of any other business the
				company may conduct.
C. The company
				shall maintain in each such separate account assets with a value at least equal
				to the reserves and other contract liabilities with respect to the account,
				except as may otherwise be approved by the superintendent.
D. Rules under any provision of the insurance
				laws of this state or any rule applicable to the officers and directors of
				insurance companies with respect to conflict of interest shall also apply to
				members of a separate accounts committee, board or other similar body. No
				officer or director of the company nor a member of the committee, board or body
				of a separate account shall receive directly or indirectly any commission or
				any other compensation with respect to the purchase or sale of assets of the
				separate account.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.10 - INVESTMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Except as may be
				provided with respect to reserves for guaranteed benefits and funds referred to
				in 13 NMAC 9.3.10.2 [now Subsection B of 13.9.3.10 NMAC]:
(1) amounts allocated to a separate account
				and its accumulations may be invested and reinvested without regard to any
				requirements or limitations prescribed by the laws of this state governing the
				investments of life insurance companies; and
(2) the investments in the separate account
				or accounts shall not be taken into account in applying the investment
				limitations otherwise applicable to the investments of the company.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.11 - REGISTERED ACCOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Notwithstanding any other provisions of law, a company may:
(1) with respect to a separate account
				registered with the securities and exchange commission as a unit investment
				trust, exercise voting rights in connection with securities of a regulated
				investment company registered under the Investment Company Act of 1940 and held
				in such separate accounts in accordance with instructions from persons having
				interests in such accounts ratably as determined by the company; or
(2) with respect to a separate account
				registered with the securities and exchange commission as a management
				investment company, establish for the account a committee, board or other body,
				whose members may or may not be otherwise affiliated with the company and may
				be elected to membership by the vote of persons having interests in the account
				ratably as determined by the company. The committee, board or other body may
				have the power, exercisable alone or in conjunction with others, to manage the
				separate account and the investment of its assets.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.12 - TRANSFER OF ASSETS

Current through Register Vol. 35, No. 13, July 16, 2024
A. No sale,
				exchange or other transfer of assets may be made by a company between any of
				its separate accounts or between any other investment account and one or more
				of its separate accounts unless, in the case of a transfer into a separate
				account, the transfer is made solely to establish the account or to support the
				operation of the contracts with respect to the separate account to which the
				transfer is made, and unless the transfer, whether into or from a separate
				account, is made:
(1) by a transfer of cash;
				or
(2) by a transfer of securities
				having a valuation which could be readily determined in the marketplace, if
				that transfer of securities is approved by the superintendent.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.13 - FILING OF CONTRACTS

Current through Register Vol. 35, No. 13, July 16, 2024
The filing requirements applicable to variable annuities
				  shall be those filing requirements otherwise applicable under existing statutes
				  and rules of this state with respect to individual and group life insurance and
				  annuity contract form filings, to the extent appropriate.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.14 - CONTRACT REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A
				variable annuity providing benefits payable in variable amounts delivered or
				issued for delivery in this state shall contain a statement of the essential
				features of the procedures to be followed by the insurance company in
				determining the dollar amount of variable benefits. A contract, including a
				group contract and a certificate in evidence of variable benefits issued under
				the contract, shall state that the dollar amount will vary to reflect
				investment experience and shall contain on its first page a clear statement to
				the effect that the benefits of the contract are on a variable basis.
B. Illustrations of benefits payable under
				any variable annuity shall not include projections of past investment
				experience into the future or attempted predictions of future investment
				experience. Nothing contained herein is intended to prohibit use of
				hypothetical assumed rates of return to illustrate possible levels of
				benefits.
C. No individual variable
				annuity contract calling for the payment of periodic stipulated payments shall
				be delivered or issued for delivery in this state unless it contains in
				substance the following provisions or provisions which in the opinion of the
				superintendent are more favorable to the holders of contracts:
(1) a provision that there shall be a grace
				period of thirty (30) days or of one month, within which any stipulated payment
				to the insurer falling due after the first may be made, during which grace
				period the contract shall continue in force. The contract may include a
				statement of the basis for determining the date as of which a payment received
				during the grace period shall be applied to produce the values arising under
				the contract; and
(2) a provision
				that, at any time within [insert number of years] from the date of default, in
				making periodic stipulated payments to the insurer during the life of the
				annuitant and unless the cash surrender value has been paid, the contract may
				be reinstated upon payment to the insurer of overdue payments as required by
				contract, and of all indebtedness to the insurer on the contract, including
				interest. The contract may include a statement of the basis for determining the
				date as of which the amount to cover overdue payments and indebtedness shall be
				applied to produce the values arising under the contract.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.15 - VARIABLE FACTORS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A variable
				annuity contact delivered or issued for delivery in this state shall stipulate
				the investment increment factors to be used in computing the dollar amount of
				variable benefits or other variable contractual payments or values thereunder,
				and may guarantee that expense and mortality results shall not adversely affect
				the dollar amounts. In the case of an individual variable annuity contract
				under which the expense and mortality results may adversely affect the dollar
				amount of benefits, the expense and mortality factors shall be stipulated in
				the contract.
B. In computing the
				dollar amount of variable benefits or other contractual payments or values
				under an individual variable annuity contract:
(1) The annual net investment increment
				assumption shall not exceed five percent (5%) except with the approval of the
				superintendent.
(2) To the extent
				that the level of benefits may be affected by future mortality results, the
				mortality factor shall be determined from the Annuity Mortality Table for 1949,
				Ultimate, or any modification of that table not having a lower life expectancy
				at any age, or, if approved by the superintendent, from another
				table.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.16 - RESERVES

Current through Register Vol. 35, No. 13, July 16, 2024
The reserve liability for variable annuities shall be
				  established pursuant to the requirements of Section 59A-8-5 NMSA 1978 in
				  accordance with actuarial procedures that recognize the variable nature of the
				  benefits provided and any mortality guarantees.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.17 - NONFORFEITURE BENEFITS

Current through Register Vol. 35, No. 13, July 16, 2024
A. To the
				extent that a variable annuity contract provides benefits that do not vary in
				accordance with the investment performance of a separate account before the
				annuity commencement date, the contract shall contain provisions that satisfy
				the requirements of Section 59A-20-33 NMSA 1978 and shall not otherwise be
				subject to this section.
B. In the
				case of a contract issued on or after January 1, 1999, no variable annuity
				contract, except as stated in 13 nmac 9.3.18 and 9.3.17.1 [now 13.9.3.18 NMAC
				and Subsection A of 13.9.3.17 NMAC], shall be delivered or issued for delivery
				in this state unless it contains in substance the following provisions, or
				provisions which in the opinion of the superintendent are at least as favorable
				to the contractholder, upon cessation of payment of considerations under the
				contract:
(1) That upon cessation of payment
				of considerations under a contract, the company will grant a paid-up annuity
				benefit on a plan described in the contract that complies with 13 NMAC 9.3.22.1
				[now Subsection A of 13.9.3.22 NMAC]. The description will include a statement
				of the mortality table, if any, and guaranteed or assumed interest rates used
				in calculating annuity payments.
(2) If a contract provides for a lump sum
				settlement at maturity or at any other time, that upon surrender of the
				contract at or prior to the commencement of annuity payments, the company will
				pay in lieu of a paid-up annuity benefit a cash surrender benefit described in
				the contract that complies with 13 NMAC 9.3.22.2 [now Subsection B of 13.9.3.22
				NMAC]. The contract may provide that the company reserves the right, at its
				option, to defer the determination and payment of a cash surrender benefit for
				any period during which the New York stock exchange is closed for trading
				(except for normal holiday closing) or when the securities and exchange
				commission has determined that a state of emergency exists that may make
				determination and payment impractical.
(3) A statement that a paid-up annuity, cash
				surrender or death benefits that may be available under the contract are not
				less than the minimum benefits required by any statute of the state in which
				the contract is delivered and an explanation of the manner in which benefits
				are altered by the existence of any additional amounts credited by the company
				to the contract, any indebtedness to the company on the contract or any prior
				withdrawals from or partial surrenders of the contract.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.18 - EXEMPTIONS FROM NONFORFEITURE BENEFITS

Current through Register Vol. 35, No. 13, July 16, 2024
13 nmac 9.3.17 [now
				  13.9.3.17
				  NMAC] shall not apply to any:
A.
				reinsurance;
B. group annuity
				contract purchases in connection with one or more retirement plans or plans of
				deferred compensation established or maintained by or for one or more employers
				(including partnerships or sole proprietorships), employee organizations, or
				any combination thereof, or other than plans providing individual retirement
				accounts or individual retirement annuities under Section 408 of the Internal
				Revenue Code;
C. premium deposit
				fund;
D. investment
				annuity;
E. immediate
				annuity;
F. deferred annuity
				contract after annuity payments have commenced;
G. reversionary annuity; or
H. to any contract which is to be delivered
				outside this state through an agent or other representative of the company
				issuing the contract.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.19 - MINIMUM NONFORFEITURE VALUES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				The minimum values as specified in this section of paid-up annuity, cash
				surrender or death benefits available under a variable annuity contract shall
				be based upon nonforfeiture amounts meeting the requirements of this
				subsection.
B. The minimum
				nonforfeiture amount on any date prior to the annuity commencement date shall
				be an amount equal to the percentages of net considerations (as specified in 13
				nmac 9.3.20) [now 13.9.3.20 NMAC] increased (or decreased) by the net
				investment return allocated to the percentages of net considerations, reduced
				to reflect the effect of:
(1) any partial
				withdrawals from or partial surrenders of the contract;
(2) the amount of any indebtedness on the
				contract, including interest due and accrued;
(3) an annual contract charge not less than
				zero and equal to:
(a) the lesser of $30 or
				two percent (2%) of the end of year contract value; less
(b) the amount of any annual contract charge
				deducted from any gross considerations credited to the contract during such
				contract year; and
(4) a
				transaction charge of $10 for each transfer to another separate account or to
				another investment division within the same separate account.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.20 - NET CONSIDERATION PERCENTAGES

Current through Register Vol. 35, No. 13, July 16, 2024
The percentages of net considerations used to define the
				  minimum nonforfeiture amount in 13 nmac 9.3.19 [now
				  13.9.3.19
				  NMAC] shall meet the requirements of this section.
A. With respect to contracts providing for
				periodic considerations, the net considerations for a given contract year used
				to define the minimum nonforfeiture amount shall be an amount not less than
				zero and shall be equal to the corresponding gross considerations credited to
				the contract during that contract year less an annual contract charge of $30
				and less a collection charge of $1.25 per consideration credited to the
				contract during that contract year less any charges for premium taxes. The
				percentages of net considerations shall be sixty-five percent (65%) for the
				first contract year and eighty-seven and one-half percent (87.5%) for the
				second and later contract years. Notwithstanding the provisions of the
				preceding sentence, the percentage shall be sixty-five percent (65%) of the
				portion of the total net consideration for any renewal contract year which
				exceeds by not more than two times the sum of those portions of the net
				considerations in all prior contract years for which the percentage was
				sixty-five percent (65%).
B. With
				respect to contracts providing for a single consideration, the net
				consideration used to define the minimum nonforfeiture amount shall be the
				gross consideration less a contract charge of $75 and less any charge for
				premium taxes. The percentage of the net consideration shall be ninety percent
				(90%).
C. The annual contract
				charge of $30, the collection charge of $1.25 per collection, and the single
				consideration contract charge of $75 referred to in 13 NMAC 9.3.20.1 and
				9.3.20.2 [now Subsections A and B of 13.9.3.20 NMAC], will be adjusted to
				reflect changes in the consumer price index in accordance with 13 nmac 9.3.21
				[now 13.9.3.21 NMAC].
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.21 - DEMONSTRATION OF COMPLIANCE

Current through Register Vol. 35, No. 13, July 16, 2024
Demonstration that a contract's nonforfeiture amounts comply
				  with this section shall be based on the following assumptions:
A. values should be tested at the end of each
				of the first twenty (20) contract years;
B. a net investment return of seven percent
				(7%) per year should be used;
C. if
				the contract provides for transfers to another separate account or to another
				investment division within the same separate account, one transfer per contract
				year should be assumed;
D. in
				determining the state premium tax applicable to the contract, the state of
				residence should be assumed to equal the state of delivery;
E. with respect to contracts providing for
				periodic considerations, monthly considerations of $100 should be assumed for
				each of the first 240 months;
F.
				with respect to contracts providing for a single consideration, a $10,000
				single consideration should be assumed; and
G. the following contract charges should be
				used:
(1) for contracts filed in 1980 or
				earlier, the annual contract charge of $30 referred to in 13 nmac 9.3.19 and
				9.3.20 [now 13.9.3.19 NMAC and 13.9.3.20 NMAC], the charge of $10 per transfer
				referred to in 13 nmac 9.3.19 [now 13.9.3.19 NMAC], the collection charge of
				$1.25 per consideration referred to in 13 nmac 9.3.20 [now 13.9.3.20 NMAC], and
				the contract charge of $75 referred to in 13 NMAC 9.3.20.2 [now Subsection B of
				13.9.3.20 NMAC].
(2) for contracts
				filed in 1981 or later, the contract charges in 13 NMAC 9.3.21.7.1 [now
				Paragraph (1) of Subsection G of 13.9.3.21 NMAC] multiplied by the ratio of the
				consumer price index for June of the calendar year preceding the date of
				filing, to the consumer price index for June 1979.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.22 - OTHER NONFORFEITURE RULES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Any paid-up annuity benefit available under a variable annuity contract shall
				be such that its present value on the annuity commencement date is at least
				equal to the minimum nonforfeiture amount on that date. The present value shall
				be computed using the mortality table, if any, and the guaranteed or assumed
				interest rates used in calculating the annuity payments.
B. For variable annuity contracts that
				provide cash surrender benefits, the cash surrender benefit at any time prior
				to the annuity commencement date shall not be less than the minimum
				nonforfeiture amount computed after the request for surrender is received by
				the company. The death benefit under such contracts shall be at least equal to
				the cash surrender benefit.
C. A
				variable annuity contract that does not provide cash surrender benefits or does
				not provide death benefits at least equal to the minimum nonforfeiture amount
				prior to the annuity commencement date shall include a statement in a prominent
				place in the contract that these benefits are not provided.
D. Notwithstanding the requirements of this
				section, a variable annuity contract may provide under the situations specified
				in 13 NMAC 9.3.22.4.1 or 9.3.22.4.2 [now Paragraphs (1) or (2) of Subsection D
				of 13.9.3.22 NMAC] of this subsection that the company, at its option, may
				cancel the annuity and pay the contractholder its accumulated value and by such
				payment be released of any further obligation under the contract:
(1) If, at the time the annuity becomes
				payable, the accumulated value is less than $2,000, or would provide an initial
				income of less than $20 per month; or
(2) If, prior to the time the annuity becomes
				payable under a periodic payment variable annuity contract, no considerations
				have been received under the contract for a period of two (2) full years and
				the total considerations paid prior to such period, reduced to reflect any
				partial withdrawals from or partial surrenders of the contract, and the
				accumulated value amount to less than $2,000.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.23 - REQUIRED REPORTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A company
				issuing individual variable annuities shall mail to the contractholder at least
				once in each contract year after the first at his or her last address known to
				the company, a statement or statements reporting the investments held in the
				separate account. The company shall submit annually to the insurance
				superintendent a statement of business of its separate account or accounts in
				such form as may be prescribed by the national association of insurance
				commissioners.
B. A company issuing
				individual variable annuities shall mail to the contractholder at least once in
				each contract year after the first at his or her last address known to the
				company a statement reporting as of a date not more than four (4) months
				previous to the date of mailing. In the case of an annuity contract under which
				payments have not yet commenced, the statement shall contain:
(1) the number of accumulation units credited
				to the contract and the dollar value of a unit; or
(2) the value of the contractholder's
				account.
New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 9 - LIFE INSURANCE AND ANNUITIES › Part 3 - VARIABLE ANNUITY CONTRACTS › Section 13.9.3.24 - FOREIGN COMPANIES

Current through Register Vol. 35, No. 13, July 16, 2024
If the law or rules in the place of domicile of a foreign
				  company provides a degree of protection to the policyholders and the public
				  substantially equal to that provided by this rule, the superintendent, to the
				  extent deemed appropriate by the superintendent, may consider compliance with
				  that law or rules as compliance with this rule.