N.M. Admin. Code § 13.6.1.9

Current through Register Vol. 35, No. 24, December 23, 2024

Section 13.6.1.9 - EXCEPTIONS FOR PREVIOUSLY APPROVED MATRIX FORMS

Matrix forms previously filed with and approved by the superintendent may continue to be used as follows:

A. Matrix forms previously filed with and approved by the superintendent may continue to be marketed and sold in this state, provided that the individual policy or group policy becomes effective on or before July 1, 2019.

B. Coverage provided under individual policies or group policies and certificates that include matrix-based forms may continue if the individual policy or group policy was issued prior to July 1, 2019. Coverage may also be extended to new subscribers under existing group insurance plans that use matrix-based forms that have been approved and are in use as of July 1, 2019.

C. Changes to policies or certificates using previously filed and approved matrix forms, affiliated forms, and rates subject to Subsections A and B of this section, including but not limited to changes required to maintain compliance with state or federal statutory or regulatory laws or requirements, shall not require an insurer to issue new non-matrix forms and will be permitted, provided the following requirements are met:

(1) Any changes that fall outside the scope of approved variability of previously approved matrix-based forms shall require a form filing of a rider, endorsement, or amendment and must be submitted to the superintendent for approval;

(2) A sample issue specimen of the applicable matrix-based policy or certificate forms including every insert page and form to be included in the policy or certificate as it will be issued to the policyholder or certificate holder and that is the subject of the filing must be provided with the SERFF filing in the supporting document tab;

(3) any modification in a matrix-based form that also requires a change to the previously approved rates must include a corresponding rate filing; and

(4) A rate filing subject to Subsections A and B of this section affecting an entire class or block of coverage under this section, will be subject to the superintendent's review and approval.

N.M. Admin. Code § 13.6.1.9

Adopted by New Mexico Register, Volume XXIX, Issue 06, March 27, 2018, eff. 4/1/2018