New Mexico 2025 Regular Session

New Mexico House Bill HM55 Compare Versions

Only one version of the bill is available at this time.

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28	28	HOUSE MEMORIAL 55
29	29	57TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2025
30	30	INTRODUCED BY
31	31	Harlan Vincent
32	32	A MEMORIAL
33	33	URGING THE OFFICE OF SUPERINTENDENT OF INSURANCE TO PROMPTLY
34	34	APPROVE THE PROPOSED CHANGES TO THE NEW MEXICO PROPERTY
35	35	INSURANCE PROGRAM TO PROVIDE RELIEF TO HOMEOWNERS IN LINCOLN
36	36	COUNTY AND OTHER COMMUNITIES THROUGHOUT THE STATE.
37	37	WHEREAS, the South Fork and Salt fires of 2024 devastated
38	38	Lincoln county and other areas of New Mexico, destroying
39	39	hundreds of homes and businesses and leaving many residents
40	40	displaced; and
41	41	WHEREAS, the increasing risks of wildfires have made it
42	42	difficult for homeowners to secure affordable insurance
43	43	coverage through the private market; and
44	44	WHEREAS, the New Mexico property insurance program,
45	45	commonly referred to as the "FAIR plan", was created under the
46	46	FAIR Plan Act to provide essential property insurance to
47	47	.231691.2 underscored material = new
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74	74	responsible and qualified applicants unable to secure coverage
75	75	through the normal market; and
76	76	WHEREAS, the FAIR plan acts as the insurer of last resort
77	77	and provides minimal coverage on an actual-cash-value basis,
78	78	which is accepted by certain mortgage lenders, to meet mortgage
79	79	requirements; and
80	80	WHEREAS, the governing committee of the New Mexico
81	81	property insurance program approved changes to the FAIR plan in
82	82	February 2025, including new coverage limits that align with
83	83	the needs of Lincoln county residents and other affected New
84	84	Mexico residents; and
85	85	WHEREAS, under the proposed changes, the FAIR plan would
86	86	increase coverage limits for residential properties up to seven
87	87	hundred fifty thousand dollars ($750,000) while maintaining
88	88	coverage limitations for commercial properties; and
89	89	WHEREAS, these changes strike a balance between providing
90	90	necessary coverage for homeowners in high-risk areas and
91	91	maintaining the long-term financial sustainability of the FAIR
92	92	plan; and
93	93	WHEREAS, the office of superintendent of insurance is
94	94	responsible for reviewing and approving proposed changes to the
95	95	FAIR plan before they can be implemented; and
96	96	WHEREAS, delaying approval of these changes continues to
97	97	prolong uncertainty for Lincoln county residents and other
98	98	state residents in need of insurance coverage to rebuild and
99	99	.231691.2
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127	127	return to their homes;
128	128	NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF
129	129	REPRESENTATIVES OF THE STATE OF NEW MEXICO that the house of
130	130	representatives fully support the governing committee of the
131	131	New Mexico property insurance program's decision to approve
132	132	increased coverage limits under the New Mexico property
133	133	insurance program, recognizing that this action will provide
134	134	critical relief to homeowners in Lincoln county and other
135	135	communities across the state; and
136	136	BE IT FURTHER RESOLVED that the house of representatives
137	137	urge the office of superintendent of insurance to promptly
138	138	approve the governing committee of the New Mexico property
139	139	insurance program's proposed changes so that Lincoln county
140	140	residents can secure policies as soon as possible and begin the
141	141	process of rebuilding and returning to their homes; and
142	142	BE IT FURTHER RESOLVED that copies of this memorial be
143	143	transmitted to the superintendent of insurance, the governor
144	144	and the members of the governing committee of the New Mexico
145	145	property insurance program.
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147	147	.231691.2