For Benefits Compliance specific state updates for New Mexico click here.
Superintendent of Insurance Issues Bulletin Concerning Nonpayment of Premiums
April 17, 2020
On March 20, 2020, the New Mexico Superintendent of Insurance issued BULLETIN 2020-006 to all admitted and non-admitted insurance companies that provide any insurance coverage in New Mexico (including life, health, auto, property, casualty, etc.) requesting them to refrain from cancelling or non-renewing policies of businesses and individuals due to the nonpayment of premiums during this public health emergency, or at a minimum, provide extended grace periods for payment of premiums. The superintendent also encouraged carriers to implement these practices as soon as possible and consider extending them for a minimum of thirty (30) days after the emergency is declared over. Carriers were also encouraged to work with their insureds as they catch up on past due premiums in installments without loss of coverage as “balloon" payments are likely to be unaffordable.
NM Bulletin 2020-006
SUPERINTENDENT OF INSURANCE ISSUES BULLETIN CONCERNING FLEXIBILITY WITH RATES AND PREMIUM PAYMENTS
May 08, 2020
On April 29, 2020, the New Mexico Insurance Superintendent issued Bulletin 2020-011to property and casualty insurers in which he encouraged insurers to:
- Conduct midterm premium audits if requested by policyholders.
- Consider a reduced risk for businesses who change operations or elect to continue paying employees when they are not working.
- Allow policyholders to self-audit and report changes for calculating premiums.
NM Bulletin 2020-011