New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL
Part 1 - ANNUITIES
Section 12.15.1.6 - OBJECTIVE

Universal Citation: 12 NM Admin Code 12.15.1.6
Current through Register Vol. 35, No. 18, September 24, 2024

The objective of Part 1 [now 12.15.1 NMAC] is to establish the framework within which a New Mexico lending institution or its affiliate may plan a program and obtain licensure for the distribution and sale of annuities products in order to: bring about parity between state and federally-chartered lending institutions; promote public convenience and advantage in the sale of annuities by state-chartered lending institutions; provide uniformity in the disclosure of annuities products to assist the public to distinguish between a deposit product that is insured by the federal deposit insurance corporation ("FDIC") or by the national credit union administration ("NCUA") and an annuity that is not insured by the FDIC or NCUA; and ensure that lending institutions, affiliates and/or annuity agents market annuities in a safe and sound manner.

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