N.M. Admin. Code § 13.9.5.9

Current through Register Vol. 36, No. 1, January 14, 2025

Section 13.9.5.9 - DUTIES OF INSURERS

A. The insurer shall provide a buyer's guide to all prospective purchasers, prior to accepting the applicant's initial premium or premium deposit. However, if the policy for which the application is made contains an unconditional refund provision for at least ten (10) days, the buyer's guide may be delivered with the policy or prior to delivery of the policy.

B. The insurer shall provide a policy summary to prospective purchasers where the insurer has identified the policy form as one that will not be marketed with an illustration. The policy summary shall show guarantees only. It shall consist of a separate document with all the required infoormation set out in a manner that does not minimize or reender any portion of the summary obscure. Any amounts that remain level for two (20 or more years of the policy may be represented by a single number if it is clearly indicated what amounts are applicable for each policy year. Amounts in Subsection E of 13.9.5.8 NMAC shall be listed in total, not on a per thousand or per unit basis. If more than one insured is covered under one policy or rider, death benefits shall be displayed seperately for each insured or for each class of insured if death benefits do not differ within class. Zero amounts shall be displayed as a blank space. Delivery of the policy summary shall be consistent with the time for delivery of the buyer's guide as specified in Subsection A of this section.

13.9.5.9 NMAC - Rp 13 NMAC 9.5.15, 1-1-04