New Mexico Administrative Code

[Reserved]

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…

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 Office of Superintendent of Insurance (OSI).

This rule applies to all property and casualty insurers who discontinue an insurance product.

Sections 59A-2-8, 59A-2-9, and 59A-18-29 NMSA 1978.

Permanent.

July 16, 2024, unless a later date is cited at the end of a section.

The purpose of this rule is to alert existing and prospective insureds of a property and casualty insurer's discontinuation of an insurance product.

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 …

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 identifyin…

New Mexico State Corporation Commission [Public Regulation Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM 87504-1269.

This rule applies to all life insurers issuing plans of insurance with separate premium rates for smokers and non-smokers.

Sections 59A-2-9 and 59A-20-31 NMSA 1978.

Permanent.

December 1, 1985, unless a later date is cited at the end of a section or paragraph. Repromulgated in NMAC format effective July 1, 1997.

The purpose of these rules is to permit the use of mortality tables that reflect differences in mortality between smokers and nonsmokers in determining minimum reserve liabilities and minimum cash surrender values and amount of paid-up nonforfeiture benefits for plans of insuranc…

A. "1980 CSO table, with or without ten-year select mortality factors" means that mortality table, consisting of separate rates of mortality for male and female lives, developed by the society of actuaries committee to recommend new mortality tables for valuation of standard indi…

A. For any policy of insurance delivered or issued for delivery in this state after the operative date of Section 59-16-8 F(10) NMSA 1978 (now codified at Section 59A-20-31K NMSA 1978) for that policy form and before January 1, 1989, at the option of the company and subject to th…

For each plan of insurance with separate rates for smokers and nonsmokers, an insurer may: A. use composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits; B. use smoker and nonsmoker morta…

New Mexico State Corporation Commission [Public Regulation Commission], Department of Insurance, Post Office Box 1269, Santa Fe, NM 87504-1269.

In using the 1994 GAR table, the mortality rate for a person age x in year (1994 + n) is calculated as follows: qx 1994+n = qx 1994 (1 - AAx) n where the qx 1994 and AAxs are as specified in the 1994 GAR table.

This rule applies to all life insurance companies issuing annuity contracts.

Sections 59A-2-9 and 59A-8-6 NMSA 1978.

Permanent.

December 31, 1985, unless a later date is cited at the end of a section or paragraph. Repromulgated in NMAC format effective July 1, 1997.

The purpose of this rule is to recognize the following mortality tables for use in determining the minimum standard of valuation for annuity and pure endowment contracts: the 1983 table "a," the 1983 group annuity mortality (1983 GAM) table, the annuity 2000 mortality table, and …

As used in this rule: A. "1983 table a" means the mortality table developed by the society of actuaries committee to recommend a new mortality basis for individual annuity valuation and adopted as a recognized mortality table for annuities in June, 1982 by the national associatio…

A. Except as provided in 13 NMAC 9.11.8.2 and 9.11.8.3 [now Subsections B and C of 13.9.11.8 NMAC], the 1983 table "a" is recognized and approved as an individual annuity mortality table for valuation and, at the option of the company, may be used for purposes of determining the …

A. Except as provided in 13 NMAC 9.11.9.2 and 9.11.9.3 [now Subsections B and C of 13.9.11.9 NMAC], the 1983 GAM table, the 1983 table "a" and the 1994 GAR table are recognized and approved as group annuity mortality tables for valuation and, at the option of the company, any one…

New Mexico Public Regulation Commission, Insurance Division, Post Office Box 1269, Santa Fe, NM 87504-1269.

For annuities in the payout period with changes in non-guaranteed elements and for the accumulation period of a deferred annuity, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract that contains at least the following inf…

In addition to any other penalties provided by the laws of this state, an insurer or producer that violates a requirement of this rule shall be guilty of a violation of Chapter 59A, Article 16 NMSA 1978.

[The face page of the fixed deferred annuity buyer's guide shall read as follows:] Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory officials. This association helps…

This appendix to the buyer's guide for fixed deferred annuities will focus on equity-indexed annuities. Like other types of fixed deferred annuities, equity-indexed annuities provide for annuity income payments, death benefits and tax-deferred accumulation. You should read the bu…

A. This rule applies to all group and individual annuity contracts and certificates except: (1) registered or non-registered variable annuities or other registered products; (2) immediate and deferred annuities that contain no nonguaranteed elements; (3) annuities used to fund: (…

Sections 59A-16-4 and 59A-16-5 NMSA 1978.

Permanent.

July 1, 2000, unless a later date is shown at the end of a section or paragraph.

The purpose of this rule is to provide standards for the disclosure of certain minimum information about annuity contracts to protect consumers and foster consumer education. The rule specifies the minimum information which must be disclosed and the method for disclosing it in co…

For purposes of this rule: A. "Buyer's guide" means: (1) for insurers selling only fixed deferred annuities, the text provided in 13 nmac 9.12.12 [now 13.9.12.12 NMAC]; and (2) for insurers selling equity-indexed annuities, the text provided in 13 nmac 9.12.12 and 9.12.13 [now 13…

A. Where the application for an annuity contract is taken in a face-to-face meeting, the applicant shall at or before the time of application be given both a disclosure document and a buyer's guide. B. Where the application for an annuity contract is taken by means other than in …

Insurers shall define terms used in the disclosure document in language that facilitates the understanding by a typical person within the segment of the public to which the disclosure document is directed. At a minimum, the following information shall be included in the disclosur…

New Mexico Public Regulation Commission, Insurance Division, Post Office Box 1269, Santa Fe, NM 87504-1269.

A. Guaranteed benefits and modified net premiums are considered to the mandatory expiration of the policy. and B. Modified net premiums are a uniform percentage of the respective guaranteed gross premiums, where the uniform percentage is such that, at issue, the present value of …

A. Any set of base select mortality factors may be used only for the first segment. However, if the first segment is less than ten (10) years, the appropriate ten-year select mortality factors may be used thereafter through the tenth policy year from the date of issue. B. In dete…

At the election of the company for any one or more specified plans of life insurance, the minimum mortality standard for basic reserves may be calculated using the 1980 CSO valuation tables with select mortality factors (or any other valuation mortality table adopted by the NAIC …

Deficiency reserves, if any, are calculated for each policy as the excess, if greater than zero, of the quantity z over the basic reserve. The quantity z is obtained by recalculating the basic reserve for the policy using guaranteed gross premiums instead of net premiums when the…

A. Calculation of the minimum valuation standard for policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits (other than universal life policies), or both, shall be in accordance with the provisions of 13 nmac 9.13.15 through 9.13.22 [now 13.9.13.15 throu…

Basic reserves shall be calculated as the greater of the segmented reserves and the unitary reserves. Both the segmented reserves and the unitary reserves for any policy shall use the same valuation mortality table and selection factors. At the option of the insurer, either of th…