N.M. Admin. Code § 13.9.8.9

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

Section 13.9.8.9 - FILING FOR PERMANENT APPROVAL TO DO BUSINESS IN THIS STATE

The superintendent may, at his discretion, require that an insurer, before it delivers or issues for delivery any variable life insurance policy in this state, file with this department the following information for the consideration of the superintendent in making the determination required by 13 NMAC 9.8.8.2 [now Subsection B of 13.9.8.8 NMAC]:

A. copies of and a general description of the variable life insurance policies it intends to issue;

B. a general description of the methods of operation of the variable life insurance business of the insurer, including methods of distribution of policies and the names of those persons or firms proposed to supply consulting, investment, administrative, custodial or distribution services to the insurer;

C. with respect to any separate account maintained by an insurer for any variable life insurance policy, a statement of the investment policy the issuer intends to follow for the investment of the assets held in such separate account, and a statement of procedures for changing such investment policy; the statement of investment policy shall include a description of the investment objectives intended for the separate account;

D. a description of any investment advisory services contemplated;

E. a copy of the statutes and regulations of the state of domicile of the insurer under which it is authorized to issue variable life insurance policies;

F. biographical data with respect to officers and directors of the insurer on the national association of insurance commissioners uniform biographical data form; and

G. a statement of the insurer's actuary describing the mortality and expense risks which the insurer will bear under the policy.

N.M. Admin. Code § 13.9.8.9

12/1/85; Recompiled 11/30/01