2011 New Mexico Statutes
Chapter 59A: Insurance Code
Article 20A: Viatical Settlements, 59A-20A-1 through 59A-20A-11
Section 59A-20A-10: Rules and standards.

59A-20A-10. Rules and standards.

The superintendent may:

A. promulgate rules to implement the provisions of the Viatical Settlements Act [59A-20A-1 to 59A-20A-11 NMSA 1978];

B. establish standards for evaluating reasonableness of payments under viatical settlement contracts, including regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy;

C. establish appropriate licensing requirements and standards for continued licensure for providers and brokers;

D. require a bond or other mechanism for financial accountability for viatical settlement providers; and

E. adopt rules governing the relationship and responsibilities of both insurers and providers and brokers during the viatication of a life insurance policy or certificate.