On December 4th, 2020 the New Mexico Office of Insurance issued Bulletin 2020-023 addressing the prior approval exemption of most commercial insurance products authorized by 220.127.116.11 NMAC.
In light of the COVID-19 health emergency, the Office of Insurance superintendent has expressed concern over permitting the pre-authorization of commercial insurance products, which have the potential to harm New Mexicans in COVID-19 related cases. As a result, the superintendent will not accept new commercial insurance filings that include COVID-19 related changes pending the conclusion of the 2021 New Mexico legislative session. Pending commercial insurance form filings that include COVID-19 related changes will be administratively withdrawn pending the rescission of this bulletin. Any previously approved commercial insurance forms may continue to be sold in New Mexico until further order of the superintendent.
This moratorium is effective as of December 4th, 2020 and the superintendent will extend this moratorium as necessary to accommodate any new form review standards adopted during the 2021 legislative session.
If you would like to read this New Mexico Bulletin in its entirety, please find the Bulletin HERE.
For more information on this Bulletin, or any other regulatory compliance matter, please contact Westmont Associates, Inc.