New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 2 - INSURANCE COMPANY LICENSING AND OPERATION
Part 7 - LIFE AND HEALTH REINSURANCE AGREEMENTS
Section 13.2.7.12 - WRITTEN AGREEMENTS
Current through Register Vol. 35, No. 6, March 26, 2024
A. No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the superintendent, unless the agreement, amendment or a binding letter of intent has been duly executed by both parties no later than the "as of date" of the financial statement.
B. In the case of a letter of intent, a reinsurance agreement or an amendment to a reinsurance agreement must be executed within a reasonable period of time, not exceeding ninety days from the execution date of the letter of intent, in order for credit to be granted for the reinsurance ceded.
C. The reinsurance agreement shall provide that: