No group long-term care insurance coverage may be offered to a resident of this state under a group policy issued in another state to a group described in Paragraph (4) of Subsection C of Section 59A-23A-4 N.M. Stat. Ann., unless the superintendent has determined prior to the offer that:

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A. the coverage meets the requirements of N.M. Stat. Ann. Chapter 59A, Article 23A and any regulations pertaining thereto, or the insurance commissioner of another state having statutory and regulatory long-term care insurance requirements substantially similar to those adopted in New Mexico has determined that such requirements have been met; and

B. the requirements of Section 59A-23-8 N.M. Stat. Ann. have been met.