New Mexico Register / Volume XXIX, Issue 4 / February
27, 2018
NOTICE OF PROPOSED RULEMAKING
NOTICE
IS HEREBY GIVEN that the Superintendent of Insurance
(“Superintendent”), and the New Mexico Office of Superintendent of Insurance
(“OSI”), pursuant to the New Mexico Insurance Code, Section 59A-1-1 et seq. NMSA 1978 (“Insurance Code”),
proposes an amended rule pertaining to credit for reinsurance requirements for all
domestic insurers doing business in New Mexico, to be codified in the New Mexico
Administrative Code, 13.9.18 NMAC – Life Insurance and Annuities – Use of
Preferred Risk Mortality Tables.
The
purpose of this amended rule is to allow, for policies issued on or after
January 1, 2004 and prior to January 1, 2007, the use of the 2001 CSO preferred
class structure mortality table instead of the 2001 CSO smoker or nonsmoker
mortality table, subject to the Superintendent’s consent. The proposed rule
nonetheless prohibits the use of the 2001 CSO preferred class structure
morality table for policies issued prior to January 1, 2007 in cases where an excessive
or an inadequate reserve credit exits as a result of differences in the
frequency of the mode of payment of reinsurance premiums versus policy
premiums. The proposed rule also provides a separability
section to 13.9.18 NMAC. This proposed rule adopts the 2009 version of the
National Association of Insurance Commissioners Model Regulation #815:
“Permitting the Recognition of Preferred Mortality Tables for Use in
Determining Minimum Reserve Liabilities.” Authority for this rule derives from
the Superintendent’s powers under Section 59A-2-9 NMSA 1978.
The proposed
rule may be found on the OSI website at http://www.osi.state.nm.us/,
under the “Rulemaking” tab and is incorporated by reference into this
NOPR. A copy of the full text of the
proposed rule is available by electronic download from the OSI website or the New
Mexico Sunshine portal, or by requesting a copy in person at the NM
Office of Superintendent of Insurance, 1120 Paseo de Peralta, Santa Fe, NM 87501.
The Superintendent will hold a
public comment hearing beginning at 9:30
a.m. on Friday, March 30, 2018, at the Office of Superintendent of
Insurance, Fourth Floor Conference Room, PERA Building, 1120 Paseo de Peralta, Santa Fe, New Mexico.
OSI staff, all insurers,
licensees, insurance business entities, other persons transacting insurance
business in New Mexico, and the members of the public are encouraged to provide
comments or file any written proposals or comments according to the criteria
and schedule set forth as follows: (a) oral comments will be accepted at the
public hearing from any interested parties; (b) written statements, proposals
or comments may be submitted for the record, in lieu of providing oral
testimony at the hearing are due no later than 4:00 p.m. on Thursday March 29, 2018.
Written responses may be submitted for the record
following the hearing and are due no later than 4:00 pm on Friday, April 6, 2018. The Superintendent will consider all oral
comments, and will review all timely submitted written comments and responses.
The record shall be closed at 4:00 p.m. on Friday, April 6, 2018. Any person with a disability
requiring special assistance in order to participate in a hearing should
contact Melissa Martinez, at 505-476-0333 at least 48 hours prior to the
commencement of the hearing.
Written
comments, proposals, or responsive comments may be submitted via email to
mariano.romero@state.nm.us or may be filed by sending original copies to:
OSI
Records & Docketing, NM Office of Superintendent of Insurance
Attention:
Mariano Romero, Room 331
1120
Paseo de Peralta, P.O. Box 1689, Santa Fe, NM 87504-1689 Docket
No. 18-00011-RULE-PC
Only
signed statements, proposals or comments will be accepted. Scanned or facsimile signatures or electronic
signatures conforming to federal and state court requirements will be accepted
with the understanding that if there is any dispute regarding a signature, OSI
reserves the right to require that original signatures be provided to verify the
electronic or facsimile signature. All
filings must be received between the hours of 8:00 a.m. and 4:30 p.m. Monday
through Friday except on state holidays.
Any filings after 4:30 will be filed to the docket the next business
day.
DONE AND ORDERED this 15th day of February, 2018.
S/JOHN G. FRANCHINI