N.M. Admin. Code § 13.9.3.8

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

Section 13.9.3.8 - QUALIFICATION OF INSURANCE COMPANIES TO ISSUE VARIABLE ANNUITIES

A. A company shall not deliver or issue for delivery variable annuities within this state unless it is licensed or organized to do a life insurance or annuity business in this state and the superintendent is satisfied that its condition or method of operation in connection with the issuance of these contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the superintendent shall consider among other things:

(1) the history and financial condition of the company;

(2) the character, responsibility and fitness of the officers and directors of the company; and

(3) the law and rule under which the company is authorized in the state of domicile to issue variable annuities.

B. If the company is a subsidiary of an admitted life insurance company, or affiliated with a company by common management or ownership, it may be deemed by the superintendent to have satisfied the provisions of 13 NMAC 9.3.8.1.2 [now Paragraph (2) of Subsection A of 13.9.3.8 NMAC] if either it or the admitted life company satisfies the provisions of 13 NMAC 9.3.8.1.2 [now Paragraph (2) of Subsection A of 13.9.3.8 NMAC]. Companies licensed and having a satisfactory record of doing business in this state for a period of at least three (3) years may be deemed to have satisfied the superintendent with respect to 13 NMAC 9.3.8.1.2 above [now Paragraph (2) of Subsection A of 13.9.3.8 NMAC].

C. Before any company shall deliver or issue for delivery variable annuities within this state it shall submit to the superintendent:

(1) a general description of the kinds of variable annuities it intends to issue;

(2) if requested by the superintendent, a copy of the statutes and rules of its state of domicile under which it is authorized to issue variable annuities; and

(3) if requested by the superintendent, biographical data with respect to officers and directors of the company on the NAIC uniform biographical data forms.

N.M. Admin. Code § 13.9.3.8

7/1/97; Recompiled 11/30/01