N.M. Admin. Code § 13.9.4.8 - LIFE INSURANCE ON DIRECTORS, OFFICERS, AGENTS AND EMPLOYEES OF CORPORATIONS
A.
Evidence of authority: Whenever 1) a corporation organized under
the laws of this state causes to be insured the life of any director, officer,
agent or employee; and 2) the corporation is named as a beneficiary in or
assignee of the life insurance policy, the corporation's authority to effect,
assign, release, relinquish, convert, surrender, change the beneficiary, or to
take any other or different action with reference to the insurance shall be
demonstrated by a written statement to that effect that is signed by the
president and the secretary or other corresponding officer of the corporation.
The statement shall be binding upon the corporation and shall serve as
sufficient evidence of corporate authority for purposes of the insurance
company. The statement shall protect the insurance company in any act done or
suffered by it in good faith reliance on the statement without the need for
further inquiry into the validity of the corporate authority or the regularity
of the corporate proceedings.
B.
Actions of directors: No person shall be disqualified, by reason
of interest in the subject matter, from acting as a director or as a member of
the executive committee of a corporation on any corporate act relating to this
type of insurance.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.