2019 New Mexico Statutes
Chapter 59A - Insurance Code
Article 20A - Viatical Settlements
Section 59A-20A-10 - Rules and standards.
The superintendent may:
A. promulgate rules to implement the provisions of the Viatical Settlements Act;
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.
History: Laws 1999, ch. 246, § 10.
ANNOTATIONSEffective dates. — Laws 1999, ch. 246, § 13, made the Viatical Settlements Act effective July 1, 2000.
