N.M. Code R. § 13.18.2.37
Current through Register Vol. 35, No. 11, June 11, 2024
Section 13.18.2.37 - RESPONSIBILITIES AND OBLIGATIONS THAT MAY BE DELEGATED TO THE GROUP POLICY CREDITOR OR AGENTThe insurer, by its group policy, may authorize the group policy creditor to issue certificates of group insurance or may authorize a legally appointed insurance agent of the insurer to issue certificates of insurance or policies of insurance, and respectively, to collect the insurance charge under the group policy, or premium therefore under an individual policy, provided that the master group insurance policy with the creditor or agent's agreement with the agent under which such authority is granted shall require that:
A. the creditor issue such group certificate, or the agent issue such certificate of insurance or insurance policy in the name of the insurer, and payment of the respective policy premium shall be by a check payable to the insurer or by a deposit to an account of the insurer under the sole control of the insurer;B. a copy of each certificate or policy so issued, or electronic or other data therefore which can be substantiated by such certificate or policy, together with the premium therefore, shall be delivered to the insurer within thirty (30) days after the close of the calendar month in which the certificate or policy is issued;C. refunds of unearned premiums shall be made in accordance with 13.18.2.35 NMAC of this rule;D. no insurer may authorize, and no insurance agent or group policyholder, within their respective capacities, may issue any policy or certificate of insurance or collect any premium or insurance charge therefore or make any refund of premium except only pursuant to and in accordance with either a master group insurance policy or an agents' agreement in compliance with this rule;E. any changes in the amount of coverage, premium or term of coverage after issuance of the original group certificate, a certificate of insurance or the insurance policy issued on a single premium basis shall cause the insurer to issue a new certificate or individual policy, a copy of which must be provided to the insured(s), along with a statement of additional charges or any credits or refunds in premiums; this includes any coverage changes in 13.18.2.12 NMAC;F. copies of all records pertaining to each risk shall be provided to the insurer or be maintained for examination by the superintendent though the next examination period.N.M. Code R. § 13.18.2.37
7/1/97, 3/1/98, 4/1/98, 6/1/98, 9/1/98; 13.18.2.37 NMAC - Rn, 13 NMAC 18.2.37, 12/31/07