N.M. Admin. Code § 13.9.20.6

Current through Register Vol. 35, No. 21, November 5, 2024

Section 13.9.20.6 - OBJECTIVE

A. This rule requires an insurance producer as defined in Section 59A-12-2E NMSA 1978 to act in the best interest of a consumer when making a recommendation of an annuity and require an insurer to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of the consumer at the time of the transaction are effectively addressed.

B. Another objective of this rule is to regulate trade practices in the insurance business and related businesses in accordance with the intent of Congress, as expressed in the Act of Congress approved March 9, 1945, being c. 20, 59 Stat. 33, also designated as 15 U.S.C. Sections 1011 to 1015, inclusive, by defining, or providing for determination of, practices in this state which constitute unfair methods of competition or unfair or deceptive acts or practices so defined or determined.

N.M. Admin. Code § 13.9.20.6

Adopted by New Mexico Register, Volume XXXIII, Issue 05, March 8, 2022, eff. 10/1/2022