New Mexico Statutes 59A-20A-10. Rules and standards
The superintendent may:
Terms Used In New Mexico Statutes 59A-20A-10
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A. promulgate rules to implement the provisions of the Viatical Settlements Act; B. establish standards for evaluating reasonableness of payments under viatical settlement contracts, including regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy;
C. establish appropriate licensing requirements and standards for continued licensure for providers and brokers;
D. require a bond or other mechanism for financial accountability for viatical settlement providers; and
E. adopt rules governing the relationship and responsibilities of both insurers and providers and brokers during the viatication of a life insurance policy or certificate.