New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 9 - LIFE INSURANCE AND ANNUITIES
Part 6 - REPLACEMENT OF LIFE INSURANCE AND ANNUITIES
Section 13.9.6.12 - DUTIES OF INSURERS WITH RESPECT TO DIRECT RESPONSE SOLICITATION
Current through Register Vol. 35, No. 6, March 26, 2024
A. In the case of an application that is initiated as a result of a direct response solicitation, the insurer shall require, with or as part of each completed application for a policy or contract, a statement asking whether the applicant, by applying for the proposed policy or contract, intends to replace, discontinue or change an existing policy or contract. If the applicant indicates a replacement or change is not intended or if the applicant fails to respond to the statement, the insurer shall send the applicant, with the policy or contract, a notice regarding replacement in 13.9.6.15 NMAC, or other substantially similar form approved by the superintendent.
B. If the insurer has proposed the replacement or if the applicant indicates a replacement is intended and the insurer continues with the replacement, the insurer shall: