N.M. Admin. Code § 13.9.16.9 - CONDITIONS
A. For each plan of
insurance with separate rates for smokers and nonsmokers an insurer may use:
(1) composite mortality tables to determine
minimum reserve liabilities and minimum cash surrender values and amounts of
paid-up nonforfeiture benefits;
(2)
smoker and nonsmoker mortality tables to determine the valuation net premiums
and additional minimum reserves, if any, required by Subparagraph (e) of
Paragraph (1) of Subsection E of Section
59A-8-5 NMSA 1978, and use
composite mortality tables to determine the basic minimum reserves, minimum
cash surrender values and amounts of paid-up nonforfeiture benefits;
or
(3) smoker and nonsmoker
mortality to determine minimum reserve liabilities and minimum cash surrender
values and amounts of paid-up nonforfeiture benefits.
B. For plans of insurance without separate
rates for smokers and nonsmokers the composite mortality tables shall be
used.
C. For the purpose of
determining minimum reserve liabilities and minimum cash surrender values and
amounts of paid-up nonforfeiture benefits, the 2001 CSO mortality table may, at
the option of the company for each plan of insurance, be used in its ultimate
or select and ultimate form, subject to the restrictions of
13.9.16.10 NMAC and 13.9.13 NMAC
relative to use of the select and ultimate form.
D. When the 2001 CSO mortality table is the
minimum reserve standard for any plan for a company, the actuarial opinion in
the annual statement filed with the commissioner shall be based on an asset
adequacy analysis as specified in
13.2.6.8 NMAC, actuarial opinions
and memoranda. A commissioner may exempt a company from this requirement if it
only does business in this state and in no other state.
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