N.M. Admin. Code § 13.9.12.2 - SCOPE

A. This rule applies to all group and individual annuity contracts and certificates except:

(1) registered or non-registered variable annuities or other registered products;

(2) immediate and deferred annuities that contain no nonguaranteed elements;

(3) annuities used to fund:

(a) an employee pension plan which is covered by the Employee Retirement Income Security Act (ERISA);

(b) a plan described by Sections 401(a), 401(k) or 403(b) of the Internal Revenue Code, where the plan, for purposes of ERISA, is established or maintained by an employer;

(c) a governmental or church plan defined in Section 414 or a deferred compensation plan of a state or local government or a tax exempt organization under Section 457 of the Internal Revenue Code; or

(d) a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor; and

(4) structured settlement annuities.

B. Notwithstanding 13 NMAC 9.12.2.1.3 [now Paragraph (3) of Subsection A of 13.9.12.2 NMAC], this rule shall apply to annuities used to fund a plan or arrangement that is funded solely by contributions an employee elects to make, whether on a pre-tax or after-tax basis, and where the insurance company has been notified that plan participants may choose from among two (2) or more fixed annuity providers and there is a direct solicitation of an individual employee by a producer for the purchase of an annuity contract. As used in this subsection, direct solicitation shall not include any meeting held by a producer solely for the purpose of educating or enrolling employees in the plan or arrangement.

Notes

N.M. Admin. Code § 13.9.12.2

7-1-00; Recompiled 11/30/01