New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 9 - LIFE INSURANCE AND ANNUITIES
Part 15 - VIATICAL SETTLEMENTS
Section 13.9.15.9 - RENEWAL OF LICENSE
Universal Citation: 13 NM Admin Code 13.9.15.9
Current through Register Vol. 35, No. 6, March 26, 2024
A. A viatical settlement provider or broker may renew its license yearly by filing an application for renewal no less than thirty (30) days before the anniversary date of licensure. The Superintendent shall refuse to renew a license if the licensee fails to:
(1) file a current copy of
a letter of good standing obtained from the filing officer of the applicant's
state of domicile;
(2) pay the
renewal fee; and
(3) submit the
reports required in NMSA 1978 Section 59A-20A-6.
B. If a viatical settlement provider has, at the time of renewal, viatical settlements for which the insured has not died, it shall do one of the following:
(1) renew
or maintain it's current license until the earlier of:
(a) the date the viatical settlement provider
properly assigns, sells, or otherwise transfers the viatical settlements for
which the insured has not died; or
(b) the date that the last insured covered by
a viatical settlement transaction has died; or
(2) appoint, in writing, either the viatical
settlement provider that entered into the viatical settlement, the broker that
received commissions from the viatical settlement, if applicable, or any other
viatical settlement provider or broker licensed in this state, to make all
inquiries to the viator or the viator's designee regarding the health status of
the viator or any other matters.
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