New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 10 - HEALTH INSURANCE
Part 15 - LONG-TERM CARE INSURANCE
Section 13.10.15.30 - DISCRETIONARY POWERS OF SUPERINTENDENT
Universal Citation: 13 NM Admin Code 13.10.15.30
Current through Register Vol. 35, No. 18, September 24, 2024
The Superintendent may, upon written request and after an administrative hearing, issue an order to modify or suspend a specific provision of this rule with respect to a specific long-term care insurance policy or certificate upon a written finding that:
A. The modification or suspension would be in the best interest of the insureds; and
B. The purposes to be achieved could not be effectively or efficiently achieved without the modification or suspension; and
(1) the modification or suspension is
necessary to the development of an innovative and reasonable approach for
insuring long-term care; or
(2) the
policy or certificate is to be issued to residents of a life care or continuing
care retirement community or some other residential community for the elderly
and the modification or suspension is reasonably related to the special needs
or nature of such a community; or
(3) the modification or suspension is
necessary to permit long-term care insurance to be sold as part of, or in
conjunction with, another insurance product.
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