New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 9 - LIFE INSURANCE AND ANNUITIES
Part 8 - VARIABLE LIFE INSURANCE
Section 13.9.8.8 - LICENSING AND APPROVAL TO DO BUSINESS IN THIS STATE
Universal Citation: 13 NM Admin Code 13.9.8.8
Current through Register Vol. 35, No. 6, March 26, 2024
An insurer shall not deliver or issue for delivery in this state any variable life insurance policy unless:
A. The insurer is licensed or organized to do a life insurance business in this state.
B. The insurer has obtained the written approval of the superintendent for the issuance of variable life insurance policies in this state. The superintendent shall grant such written approval only after he has found that:
(1) the plan of
operation for the issuance of variable life insurance policies is not
unsound;
(2) the general character,
reputation, and experience of the management and those persons or firms
proposed to supply consulting, investment, administrative, or custodial
services to the insurer are such as to assure reasonably competent operation of
the variable life insurance business of the insurer in this state;
and
(3) the present and foreseeable
future financial condition of the insurer and its method of operation in
connection with the issuance of such policies is not likely to render its
operation hazardous to the public or its policyholders in this state. The
superintendent shall consider, among other things:
(a) the history of operation and financial
condition of the insurer;
(b) the
qualifications, fitness, character, responsibility, reputation, and experience
of the officers and directors and other management of the insurer and those
persons or firms proposed to supply consulting, investment, administrative, or
custodial services to the insurer;
(c) the applicable law and regulations under
which the insurer is authorized in its state of domicile to issue variable life
insurance policies; the state of entry of an alien insurer shall be deemed its
state of domicile for this purpose; and
(d) if the insurer is a subsidiary of, or is
affiliated by common management or ownership with another company, its
relationship to such other company and the degree to which the requesting
insurer, as well as the other company, meet these standards.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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