N.M. Admin. Code § 13.9.14.20

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

Section 13.9.14.20 - DELIVERY WHEN BASIC ILLUSTRATION NOT USED

A. If no illustration is used by an insurance producer or other authorized representative in the sale of a life insurance policy or if the policy is applied for other than as illustrated, the producer or representative shall certify to that effect in writing on a form provided by the insurer. On the same form the applicant shall acknowledge that no illustration conforming to the policy applied for was provided and shall further acknowledge an understanding that an illustration conforming to the policy as issued will be provided no later than at the time of policy delivery. This form shall be submitted to the insurer at the time of policy application.

B. If the policy is issued, a basic illustration conforming to the policy as issued shall be sent with the policy and signed no later than the time the policy is delivered. A copy shall be provided to the insurer and the policy owner.

N.M. Admin. Code § 13.9.14.20

10/1/98; Recompiled 11/30/01