Chapter 59A, Article 8A NMSA 1978 may be cited as the “Standard Valuation Law”. History: 1978 Comp., § 59A-8A-1, enacted by Laws 2014, ch. 59, § 15. ANNOTATIONS Compiler’s notes. — Pursuant to Laws 2014, ch. 59, § 55, the effective date of Laws 2014, ch. 59, §§ 15 through 27 was January 1, 2017. […]
For policies in force on or after the operative date of the valuation manual, a company shall submit mortality, morbidity, policyholder behavior or expense experience and other data as prescribed in the valuation manual. History: 1978 Comp., § 59A-8A-10, enacted by Laws 2014, ch. 59, § 24. ANNOTATIONS Compiler’s notes. — Pursuant to Laws 2014, […]
A. As used in this section, “confidential information” includes: (1) memoranda in support of opinions submitted pursuant to Sections 59A-8A-4 and 59A-8A-5 NMSA 1978 and other documents, materials and information, including all working papers and copies of those papers, that are produced or obtained by or disclosed to the superintendent or another person in connection […]
A. The superintendent may exempt from the requirements of Section 59A-8A-8 NMSA 1978 the specific product forms or product lines of a domestic company that is licensed and doing business only in New Mexico if: (1) the superintendent has issued a written exemption to the company and has not subsequently revoked the exemption in writing; […]
As used in the Standard Valuation Law: A. “accident and health insurance” means a policy that reflects morbidity risk and provides protection against economic loss resulting from an accident, a sickness or a medical condition and includes policies identified by the valuation manual as accident and health insurance; B. “appointed actuary” means a qualified actuary […]
A. For policies and contracts issued prior to the operative date of the valuation manual: (1) the superintendent shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer authorized to do business in New Mexico […]
A. This section applies to actuarial opinions issued prior to the operative date of the valuation manual. B. Every life insurer doing business in New Mexico shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the […]
A. This section applies to actuarial opinions issued after the operative date of the valuation manual. B. A company with outstanding life insurance, accident and health insurance or deposit-type contracts in New Mexico and that is subject to regulation by the superintendent shall annually submit the opinion of the appointed actuary on whether the reserves […]
A. This subsection shall apply to only those policies and contracts issued prior to the operative date of Section 59A-20-31 NMSA 1978. The legal minimum standard for valuation of life insurance contracts issued before the first day of January 1926 shall be the method and basis of valuation heretofore applied by the insurer in the […]
For an accident and health insurance contract issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required by Subsection B of Section 59A-8A-3 NMSA 1978. For an accident and health insurance contract issued on or after the operative date of […]
A. For a policy issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required by Subsection B of Section 59A-8A-3 NMSA 1978, except as provided in Subsection D or F of this section. B. Unless an amendment to the valuation […]
A. For policies and contracts that the valuation manual indicates are subject to this section, a company shall establish reserves using a principle-based valuation that: (1) quantifies the benefits and guarantees and the funding associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events with a […]
