N.M. Admin. Code § 13.9.12.8 - WHEN DISCLOSURE SHALL BE MADE
A. Where the application for an annuity
contract is taken in a face-to-face meeting, the applicant shall at or before
the time of application be given both a disclosure document and a buyer's
guide.
B. Where the application for
an annuity contract is taken by means other than in a face-to-face meeting, the
applicant shall be sent both a disclosure document and a buyer's guide no later
than five (5) business days after the completed application is received by the
insurer.
(1) With respect to an application
received as a result of a direct solicitation through the mail:
(a) providing a buyer's guide in a mailing
inviting prospective applicants to apply for an annuity contract shall be
deemed to satisfy the requirement that a buyer's guide be provided no later
than five (5) business days after receipt of the application.
(b) providing a disclosure document in a
mailing inviting a prospective applicant to apply for an annuity contract shall
be deemed to satisfy the requirement that a disclosure document be provided no
later than five (5) business days after receipt of the application.
(2) With respect to an application
received via the internet:
(a) taking
reasonable steps to make the buyer's guide available for viewing and printing
on the insurer's website shall be deemed to satisfy the requirement that a
buyer's guide be provided no later than five (5) business day[s] of receipt of
the application;
(b) taking
reasonable steps to make the disclosure document available for viewing and
printing on the insurer's website shall be deemed to satisfy the requirement
that a disclosure document be provided no later than five (5) business days
after receipt of the application.
(3) A solicitation for an annuity contract
provided in other than a face-to-face meeting shall include a statement that
the proposed applicant may contact the insurance department of the state for a
free annuity buyer's guide. In lieu of the foregoing statement, an insurer may
include a statement that the prospective applicant may contact the insurer for
a free annuity buyer's guide.
C. Where a buyer's guide and disclosure
document are not provided at or before the time of application, a free look
period of no less than fifteen (15) days shall be provided for the applicant to
return the annuity contract without penalty. This free look shall run
concurrently with any other free look provided under state law or
rule.
Notes
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