The board of directors of each insurer shall appoint one or more illustration actuaries, who shall meet the following standards:

1. A. be a member in good standing of the American academy of actuaries;
2. B. be familiar with the standard of practice regarding life insurance policy illustrations;

3. C. not have been found by the sperintendent, following appropriate notice and hearing to have:

   (1) violated any provision of, or any obligation imposed by, the insurance law or other law in the course of his or her dealings as an illustration actuary;

   (2) been found guilty of fraudulent or dishonest practices;

   (3) demonstrated his or her incompetence, lack of cooperation, or untrustworthiness to act as an illustration actuary; or

   (4) resigned or been removed as an illustration actuary within the past five (5) years as a result of acts or omissions indicated in any adverse report on examination or as a result of a failure to adhere to generally acceptable actuarial standards;

4. D. not fail to notify the superintendent of any action taken by a superintendent or commissioner of insurance of another state similar to that in 13 NMAC 9.14.28.3 [now Subsection C of 13.9.14.28 NMAC].

   [10/1/98; Recompiled 11/30/01]