N.M. Admin. Code § 13.9.15.11

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

Section 13.9.15.11 - REPORTING REQUIREMENTS:

on March 1of each calendar year, each viatical settlement provider licensed in this state shall report all viatical settlement transactions for which the viator is a resident of this state, and for all states in the aggregate, containing the following information for the previous calendar year

A. For viatical settlements contracted during the reporting period:

(1) date of viatical settlement contract;

(2) viator's state of residence at the time of the contract;

(3) mean life expectancy of the insured at time of contract, in months;

(4) face amount of policy viaticated;

(5) net death benefit viaticated;

(6) estimated total premiums to keep policy in force for mean life expectancy;

(7) net amount paid to viator;

(8) source of policy (B-Broker; D-Direct Purchase; SM-Secondary Market);

(9) type of coverage (I-Individual or G-Group);

(10) whether or not viatical settlement was within the contestable or suicide period, or both;

(11) primary international classification of diseases (ICD) Diagnosis Code, in numeric format, as published by the U.S. Department of Health and Human Services; and

(12) type of funding (I-Institutional; P-Private).

B. For viatical settlements for which death has occurred during the reporting period:

(1) date of viatical settlement contract;

(2) viator's state of residence at the time of the contract;

(3) mean life expectancy of the insured at time of contract in months;

(4) net death benefit collected;

(5) total premiums paid to maintain the policy (WP-Waiver of Premium; NA-Not Applicable);

(6) net amount paid to viator;

(7) primary international classification of diseases (ICD) Diagnosis Code, in numeric format, as published by the U.S. Department of Health and Human Services;

(8) date of death;

(9) amount of time between date of contract and date of death, in months;

(10) difference between the number of months that passed between the date of contract and the date of death and the mean life expectancy in months as determined by the reporting company;

C. name and address of each viatical settlement broker through whom the reporting company purchased a policy from a viator who resided in this state at the time of contract;

D. number of policies reviewed and rejected; and

E. number of policies purchased in the secondary market as a percentage of total policies purchased.

N.M. Admin. Code § 13.9.15.11

13.9.15.11 NMAC - N, 7-1-00