The investment policy of a separate account operated by a domestic insurer filed under 13 NMAC 9.8.27 [now 13.9.8.27 NMAC] shall not be changed without first filing such change with the superintendent of insurance.

1. A. Any change filed pursuant to this section shall be effective sixty days after the date it was filed with the superintendent, unless the superintendent notifies the insurer before the end of such sixty-day period of his disapproval of the proposed change. At any time the superintendent may, after notice and public hearing, disapprove any change that has become effective pursuant to this section.

2. B. The superintendent may disapprove the change if he determines that the change would be detrimental to the interests of the policyholders participating in such separate account.

   [12/1/85; Recompiled 11/30/01]