N.M. Admin. Code § 13.9.15.9

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

Section 13.9.15.9 - RENEWAL OF LICENSE

A. A viatical settlement provider or broker may renew its license yearly by filing an application for renewal no less than thirty (30) days before the anniversary date of licensure. The Superintendent shall refuse to renew a license if the licensee fails to:

(1) file a current copy of a letter of good standing obtained from the filing officer of the applicant's state of domicile;

(2) pay the renewal fee; and

(3) submit the reports required in NMSA 1978 Section 59A-20A-6.

B. If a viatical settlement provider has, at the time of renewal, viatical settlements for which the insured has not died, it shall do one of the following:

(1) renew or maintain it's current license until the earlier of:

(a) the date the viatical settlement provider properly assigns, sells, or otherwise transfers the viatical settlements for which the insured has not died; or

(b) the date that the last insured covered by a viatical settlement transaction has died; or

(2) appoint, in writing, either the viatical settlement provider that entered into the viatical settlement, the broker that received commissions from the viatical settlement, if applicable, or any other viatical settlement provider or broker licensed in this state, to make all inquiries to the viator or the viator's designee regarding the health status of the viator or any other matters.

N.M. Admin. Code § 13.9.15.9

13.9.15.9 NMAC - N, 7-1-00