New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 9 - LIFE INSURANCE AND ANNUITIES
Part 8 - VARIABLE LIFE INSURANCE
Section 13.9.8.27 - LIMITATIONS ON INVESTMENTS BY THE SEPARATE ACCOUNT
Universal Citation: 13 NM Admin Code 13.9.8.27
Current through Register Vol. 35, No. 6, March 26, 2024
A. No sale, exchange, or other transfer of assets may be made by an insurer or any of its affiliates between any of its separate accounts or between any other investment account and one or more of its separate accounts unless:
(1) in case of
a transfer into a separate account, such transfer is made solely to establish
the account or to support the operation of the policies with respect to the
separate account to which the transfer is made; and
(2) such transfer, whether into or from a
separate account, is made by a transfer of cash; but other assets may be
transferred if approved by the superintendent in advance.
B. The separate account shall have sufficient net investment income and readily marketable assets to meet anticipated withdrawals under policies funded by the account.
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