New Mexico Administrative Code

Every variable life insurance policy filed for approval in this state shall contain at least the following: A. The cover page or pages corresponding to the cover pages of each such policy shall contain: (1) a prominent statement in either contrasting color or in boldface type tha…

Every variable life insurance policy, other than term insurance policies and pure endowment policies, delivered or issued for delivery in this state shall contain provisions which are not less favorable to the policyholder than a provision for policy loans after the policy has be…

This rule applies to variable life insurance policies issued for delivery in this state.

The following provision may in substance be included in a variable life insurance policy or related form delivered or issued for delivery in this state: A. an exclusion for suicide within two years of the issue date of the policy; provided, however, that to the extent of the incr…

Reserve liabilities for variable life insurance policies shall be established under the Standard Valuation Law in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.

For scheduled premium policies, reserve liabilities for the guaranteed minimum death benefit shall be the reserve needed to provide for the contingency of death occurring when the guaranteed minimum death benefit exceeds the death benefit that would be paid in the absence of the …

For flexible premium policies, reserve liabilities for any guaranteed minimum death benefit shall be maintained in the general account of the insurer and shall be not less than the aggregate total of the term costs, if any, covering the period provided for in the guarantee not ot…

Reserve liabilities for all fixed incidental insurance benefits and any guarantees associated with variable incidental insurance benefits shall be maintained in the general account and reserve liabilities for all variable aspects of the variable incidental insurance benefits shal…

Any domestic insurer issuing variable life insurance shall establish one or more separate accounts pursuant to Section 59A-20-30 NMSA 1978 of the New Mexico Insurance Code. A. If no law or other regulation provides for the custody of separate account assets and if such insurer is…

The insurer shall maintain in each separate account assets with a value at least equal to the greater of the valuation reserves for the variable portion of the variable life insurance policies on the benefit base for such policies.

A. No sale, exchange, or other transfer of assets may be made by an insurer or any of its affiliates between any of its separate accounts or between any other investment account and one or more of its separate accounts unless: (1) in case of a transfer into a separate account, su…

A. A separate account shall not purchase or otherwise acquire the securities of any issuer, other than securities issued or guaranteed as to principal and interest by the United States, if immediately after such purchase or acquisition the value of such investment, together with …

The investment policy of a separate account operated by a domestic insurer filed under 13 NMAC 9.8.27 [now 13.9.8.27 NMAC] shall not be changed without first filing such change with the superintendent of insurance. A. Any change filed pursuant to this section shall be effective s…

Section 59A-2-9 NMSA 1978.

The insurer must disclose in writing, prior to or contemporaneously with delivery of the policy, all charges that may be made against the separate account, including, but not limited to, the following: A. taxes or reserves for taxes attributable to investment gains and income of …

Every insurer seeking approval to enter into the variable life insurance business in this state shall adopt by formal action of its board of directors a written statement specifying the standards of conduct of the insurer, its officers, directors, employees, and affiliates with r…

Rules under any provision of the Insurance Code of this state or any regulation applicable to the officers and directors of insurance companies with respect to conflicts of interest shall also apply to members of any separate account's committee or other similar body.

A. An insurer shall not enter into a contract under which any person undertakes, for a fee, to regularly furnish investment advice to such insurer with respect to its separate accounts maintained for variable life insurance policies unless:(1) the person providing such advice is …

An insurer delivering or issuing for delivery in this state any variable life insurance policies shall deliver to the applicant for the policy, and obtain a written acknowledgment of receipt from such applicant coincident with or prior to the execution of the application, the fol…

The application for a variable life insurance policy shall contain: A. a prominent statement that the death benefit may be variable or fixed under specified conditions; B. a prominent statement that cash values may increase or decrease in accordance with the experience of the sep…

Any insurer delivering or issuing for delivery in this state any variable life insurance policies shall mail to each variable life insurance policyholder at his or her last known address the following reports: A. Anniversary reports: (1) Within thirty days after each anniversary …

If the law or regulation in the place of domicile of a foreign company provides a degree of protection to the policyholders and the public which is substantially similar to that provided by these rules, the superintendent to the extent deemed appropriate by him in his discretion,…

A. No person may sell or offer for sale in this state any variable life insurance policy unless such person is an agent and has filed with the superintendent, in a form satisfactory to the superintendent, evidence that such person holds any license or authorization which may be r…

Any person qualified in this state under these rules to sell or offer to sell variable life insurance shall immediately report to the superintendent: A. any suspension or revocation of his agent's license in any other state or territory of the United States; B. the imposition of …

Permanent.

The superintendent may reject any application or suspend or revoke or refuse to renew any agent's qualification under these regulations to sell or offer to sell variable life insurance upon any ground that would bar such applicant or such agent from being licensed to sell other l…

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 this rule is to supplement other rules on life insurance policies in order to accommodate the development and issuance of universal life insurance policies.

A. "Affiliate" of an insurer means any person, directly or indirectly, controlling, controlled by, or under common control with such insurer; any person who regularly furnishes investment advice to such insurer with respect to its separate accounts for which a specific fee or com…

An insurer shall not deliver or issue for delivery in this state any variable life insurance policy unless: A. The insurer is licensed or organized to do a life insurance business in this state. B. The insurer has obtained the written approval of the superintendent for the issuan…

The superintendent may, at his discretion, require that an insurer, before it delivers or issues for delivery any variable life insurance policy in this state, file with this department the following information for the consideration of the superintendent in making the determinat…

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

It shall not be a violation of Sections 59A-16-11 or 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.

This rule applies to all life insurers providing non-forfeiture benefits on a sex-neutral basis.

Section 59A-2-9 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 individual life insurance policies to provide the same cash surrender values and paid-up nonforfeiture benefits to both men and women. No change in minimum valuation standards is implied by this rule.

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 indiv…

For any policy of insurance on the life of either a male or female insured delivered or issued for delivery in this state after the operative date of Section 59-16-8 F(10) (now codified at Section 59A-20-31 K) NMSA 1978 for that policy form: A. a mortality table which is a blend …

A. In determining minimum cash surrender values and amounts of paid-up nonforfeiture benefits for any policy of insurance on the life of either a male or female insured on a form of insurance with separate rates for smokers and nonsmokers delivered or issued for delivery in this …

The Construction Industries Division of the Regulation and Licensing Department (CID).

See this article of the NEC.

A. Article 100 - Definitions. See this article of the NEC. B. Article 110 - Requirements for electrical installations. See this article of the NEC except as provided below.(1) Section 110.2 Approval. See this section of the NEC and add the following: (a) product listing and label…

A. Article 210. Branch circuits. See this article of the NEC except as provided below. (1) Section 210.8 Ground-fault circuit-interrupter protection for personnel. See this section of the NEC except as provided below. Section 210.8 (F) Outdoor outlets. See this section of the NEC…

A. Article 300. General requirements for wiring methods and materials. See this article of the NEC except as provided below. (1) Section 300.6 Protection against corrosion and deterioration. See this section of the NEC except as provided below. Section 300.6 (A) Ferrous metal equ…

Article 422 Appliances. See this article of the NEC and add the following to section 422.19. evaporative cooling units where an evaporative cooler is installed, a listed raceway shall be installed during rough-in from the control point to the evaporative cooler location. The race…

A. Article 545 Manufactured buildings and relocatable structures. See this article of the NEC except as provided below. Add the following part to the end of the article. Part III. Service and Feeders. (1) Add the following new section: Section 545.29 For service and feeder calcul…

Article 800. Communications circuits. See this article of the NEC and add the following to Section 800.156 Any exterior wall penetration shall be installed in a listed raceway

For smoke detectors, refer to the current adopted edition of the New Mexico residential building code. Smoke detectors installed in new single family dwellings shall be served by an individual branch circuit. When two or more smoke detectors are required in a dwelling unit, they …