N.M. Admin. Code § 13.9.3.8 - QUALIFICATION OF INSURANCE COMPANIES TO ISSUE VARIABLE ANNUITIES
A. A company shall
not deliver or issue for delivery variable annuities within this state unless
it is licensed or organized to do a life insurance or annuity business in this
state and the superintendent is satisfied that its condition or method of
operation in connection with the issuance of these contracts will not render
its operation hazardous to the public or its policyholders in this state. In
this connection, the superintendent shall consider among other things:
(1) the history and financial condition of
the company;
(2) the character,
responsibility and fitness of the officers and directors of the company;
and
(3) the law and rule under
which the company is authorized in the state of domicile to issue variable
annuities.
B. If the
company is a subsidiary of an admitted life insurance company, or affiliated
with a company by common management or ownership, it may be deemed by the
superintendent to have satisfied the provisions of 13 NMAC 9.3.8.1.2 [now
Paragraph (2) of Subsection A of
13.9.3.8 NMAC] if either it or the
admitted life company satisfies the provisions of 13 NMAC 9.3.8.1.2 [now
Paragraph (2) of Subsection A of
13.9.3.8 NMAC]. Companies licensed
and having a satisfactory record of doing business in this state for a period
of at least three (3) years may be deemed to have satisfied the superintendent
with respect to 13 NMAC 9.3.8.1.2 above [now Paragraph (2) of Subsection A of
13.9.3.8 NMAC].
C. Before any company shall deliver or issue
for delivery variable annuities within this state it shall submit to the
superintendent:
(1) a general description of
the kinds of variable annuities it intends to issue;
(2) if requested by the superintendent, a
copy of the statutes and rules of its state of domicile under which it is
authorized to issue variable annuities; and
(3) if requested by the superintendent,
biographical data with respect to officers and directors of the company on the
NAIC uniform biographical data forms.
Notes
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