N.M. Admin. Code § 13.9.5.9 - DUTIES OF INSURERS
A. The
insurer shall provide a buyer's guide to all prospective purchasers, prior to
accepting the applicant's initial premium or premium deposit. However, if the
policy for which the application is made contains an unconditional refund
provision for at least ten (10) days, the buyer's guide may be delivered with
the policy or prior to delivery of the policy.
B. The insurer shall provide a policy summary
to prospective purchasers where the insurer has identified the policy form as
one that will not be marketed with an illustration. The policy summary shall
show guarantees only. It shall consist of a separate document with all the
required infoormation set out in a manner that does not minimize or reender any
portion of the summary obscure. Any amounts that remain level for two (20 or
more years of the policy may be represented by a single number if it is clearly
indicated what amounts are applicable for each policy year. Amounts in
Subsection E of
13.9.5.8 NMAC shall be listed in
total, not on a per thousand or per unit basis. If more than one insured is
covered under one policy or rider, death benefits shall be displayed seperately
for each insured or for each class of insured if death benefits do not differ
within class. Zero amounts shall be displayed as a blank space. Delivery of the
policy summary shall be consistent with the time for delivery of the buyer's
guide as specified in Subsection A of this section.
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