12.15.1.7

Definitions:

1. A. “Affiliate” means a person that directly or indirectly is controlled by, is under common control with or controls another person as defined in Section 59A-37-2 NMSA 1978.

2. B. “Annuity” means a contract under which an obligation is assumed by the issuer to make periodic payments for a specific term or terms where the making or continuance of all or some such payments or the amount of any such payment is dependent upon continuance of human life. This definition is found in Section 59A-20-2 NMSA 1978. “Annuity” also includes variable contracts as provided in Section 59A-20-30 NMSA 1978.

   C.” Annuity agent” means an individual who is appropriately licensed and registered, if applicable, to sell annuities in the state of New Mexico.

3. D. “Bank holding company” means any company which has control over any bank or over another company that is or becomes a bank holding company as defined by Section 58-1-2B NMSA 1978.
4. E. “Lending institution” means any institution whose primary business is accepting deposits and lending money from a place of business in the state, including banks, savings and loan associations and credit unions but does not include insurance companies as defined by Section 59A-12-10(C)1 NMSA 1978.
5. F. “Person” means an individual, corporation, association, partnership, joint stock company, trust, unincorporated organization or any similar entity or combination of entities as defined in Section 59A-37-2F NMSA 1978.
6. G. “Third-party provider” means insurance companies, securities broker dealers, insurance brokerages and agencies and all other authorized nonbank providers, whether or not an affiliate of the lending institution, of annuities and variable contract products.

7. H. “Underwrite” means to directly insure, undertake, guarantee or assume liability for annuity contracts as a principal in whole or in part.

   [12/15/95; Recompiled 10/15/01]