N.M. Admin. Code § 13.9.6.8 - DUTIES OF PRODUCERS
A. A
producer who initiates an application shall submit to the insurer, with or as
part of the application, a statement signed by both the applicant and the
producer as to whether the applicant has existing policies or contracts. If the
answer is "no," the producer's duties with respect to replacement are
complete.
B. If the applicant
answered "yes" to the question regarding existing coverage referred to in
Subsection A of this section, the producer shall present and read to the
applicant, not later than at the time of taking the application, a notice
regarding replacements in the form as described in
13.9.6.14 NMAC or other
substantially similar form approved by the superintendent. However, no approval
shall be required when amendments to the notice are limited to the omission of
references not applicable to the product being sold or replaced. The notice
shall be signed by both the applicant and the producer attesting that the
notice has been read aloud by the producer or that the applicant did not wish
the notice to be read aloud (in which case the producer need not have read the
notice aloud) and left with the applicant.
C. The notice shall list all life insurance
policies or annuities proposed to be replaced, properly identified by name of
insurer, the insured or annuitant, and policy or contract number if available;
and shall include a statement as to whether each policy or contract will be
replaced or whether a policy will be used as a source of financing for the new
policy or contract. If a policy or contract number has not been issued by the
existing insurer, alternative identification, such as an application or receipt
number, shall be listed.
D. In
connection with a replacement transaction the producer shall leave with the
applicant at the time an application for a new policy or contract is completed
the original or a copy of all sales material. With respect to electronically
presented sales material, it shall be provided to the policy or contract owner
in printed form no later than at the time of policy or contract
delivery.
E. Except as provided in
Subsection C of
13.9.6.10 NMAC, in connection with
a replacement transaction the producer shall submit to the insurer to which an
application for a policy or contract is presented, a copy of each document
required by this section, a statement identifying any preprinted or
electronically presented company approved sales materials used, and copies of
any individualized sales materials, including any illustrations related to the
specific policy or contract purchased.
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