N.M. Admin. Code § 13.9.15.12

Current through Register Vol. 35, No. 24, December 23, 2024

Section 13.9.15.12 - PAYMENT OF PROCEEDS

A. A trustee or escrow agent shall pay the proceeds of a viatical settlement made pursuant to NMSA 1978 Section 59A-20A-9D by means of wire transfer to the account of the viator or by certified check or cashier's check made payable to the viator.

B. A viatical settlement provider shall pay the proceeds of a viatical settlement to the viator in a lump sum except where the viatical settlement provider has purchased an annuity or similar financial instrument issued by a licensed insurance company or bank, or an affiliate of either. Neither the viatical settlement provider nor the escrow agent may retain a portion of the proceeds.

N.M. Admin. Code § 13.9.15.12

13.9.15.12 NMAC - N, 7-1-00