The superintendent may reject any application or suspend or revoke or refuse to renew any agent's qualification under these regulations to sell or offer to sell variable life insurance upon any ground that would bar such applicant or such agent from being licensed to sell other life insurance contracts in this state. The rules governing any proceeding relating to the suspension or revocation of an agent's license shall also govern any proceeding for suspension or revocation of an agent's qualification of sell or offer to sell variable life insurance.
N.M. Admin. Code § 13.9.8.40