N.M. Admin. Code § 13.9.17.10 - CORRUPT PRACTICES, IMPROPER INFLUENCES OR INDUCEMENTS REGARDLESS OF LOCATION
The following acts or practices by an insurer or insurance producer constitute corrupt practices, improper influences or inducements and are declared to be false, misleading, deceptive or unfair:
A. submitting, processing or assisting in the
submission or processing of any allotment form or similar device used by the
United States armed forces to direct a service member's pay to a third party
for the purchase of life insurance; the foregoing includes, but is not limited
to, using or assisting in using a service member's MyPay account or other
similar internet or electronic medium for such purposes; Subsection A of
13.9.17.10 NMAC does not prohibit
assisting a service member by providing insurer or premium information
necessary to complete any allotment form;
B. knowingly receiving funds from a service
member for the payment of premium from a depository institution with which the
service member has no formal banking relationship; for purposes of
13.9.17.10 NMAC, a formal banking
relationship is established when the depository institution:
(1) provides the service member a deposit
agreement and periodic statements and makes the disclosures required by the
Truth in Savings Act,
12 U.S.C. §
4301 et seq. and the regulations promulgated
thereunder; and
(2) permits the
service member to make deposits and withdrawals unrelated to the payment or
processing of insurance premiums;
C. employing any device or method or entering
into any agreement whereby funds received from a service member by allotment
for the payment of insurance premiums are identified on the service member's
leave and earnings statement or equivalent or successor form as "savings" or
"checking" and where the service member has no formal banking relationship as
defined in Paragraph (2) of Subsection A of
13.9.17.7 NMAC;
D. entering into any agreement with a
depository institution for the purpose of receiving funds from a service member
whereby the depository institution, with or without compensation, agrees to
accept direct deposits from a service member with whom it has no formal banking
relationship;
E. using DoD
personnel, directly or indirectly, as a representative or agent in any official
or unofficial capacity with or without compensation with respect to the
solicitation or sale of life insurance to service members who are junior in
rank or grade, or to the family members of such personnel;
F. offering or giving anything of value,
directly or indirectly, to DoD personnel to procure their assistance in
encouraging, assisting or facilitating the solicitation or sale of life
insurance to another service member;
G. knowingly offering or giving anything of
value to a service member for his or her attendance to any event where an
application for life insurance is solicited; or
H. advising a service member to change his or
her income tax withholding or state of legal residence for the sole purpose of
increasing disposable income to purchase life insurance.
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