New Mexico 2025 Regular Session

New Mexico Senate Bill SB215 Compare Versions

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

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28	28	SENATE BILL 215
29	29	57
30	30	TH LEGISLATURE
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33	33	STATE
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39	39	MEXICO
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42	42	FIRST SESSION
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45	45	2025
46	46	INTRODUCED BY
47	47	Leo Jaramillo
48	48	AN ACT
49	49	RELATING TO INSURANCE; CLARIFYING COVERAGE FOR CERTAIN EXCLUDED
50	50	RISKS.
51	51	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
52	52	SECTION 1. Section 59A-18-17 NMSA 1978 (being Laws 1984,
53	53	Chapter 127, Section 346, as amended) is amended to read:
54	54	"59A-18-17. STANDARD PROVISIONS, IN GENERAL.--
55	55	A. Insurance contracts shall contain such standard
56	56	or uniform provisions as are required by applicable provisions
57	57	of the Insurance Code pertaining to contracts of particular
58	58	kinds of insurance.
59	59	B. No policy shall contain a provision inconsistent
60	60	with or contradictory to a standard or uniform provision used
61	61	or required to be used, but the superintendent may approve a
62	62	substitute provision that is, in the superintendent's opinion,
63	63	.229726.3SA underscored material = new
64	64	[bracketed material] = delete
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90	90	not less favorable in any particular to the insured, owner or
91	91	beneficiary than the provision otherwise required or that is
92	92	designed to comply with Chapter 59A, Article 19 NMSA 1978.
93	93	C. Insurance coverage provided in residential
94	94	property insurance policies shall provide coverage for the cost
95	95	to repair or replace without deduction for depreciation. If
96	96	the insured elects to effectuate repairs to the property by the
97	97	insured's own self, a reasonable overhead expense shall be
98	98	allowed.
99	99	D. In lieu of the provisions required by the
100	100	Insurance Code for contracts for particular kinds of insurance,
101	101	substantially similar provisions required by the laws of the
102	102	domicile of a foreign or alien insurer may be used when
103	103	approved by the superintendent.
104	104	E. A policy issued by a domestic insurer for
105	105	delivery in another jurisdiction may contain any provision
106	106	required or permitted under the laws of such jurisdiction.
107	107	F. To protect consumers as well as enhance the
108	108	value of consumer information systems, the superintendent may
109	109	specify minimum coverage provisions that homeowners insurance
110	110	policies, private passenger non-fleet automobile insurance
111	111	policies or other lines or kinds of insurance policies that are
112	112	priced in a consumer information system shall contain, provided
113	113	that such minimum coverage provisions are contained in the
114	114	majority of policies in force in New Mexico for that line or
115	115	.229726.3SA
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143	143	kind of insurance. An insurer that does not offer a policy
144	144	that contains the minimum coverage provisions specified by the
145	145	superintendent for a line or kind of insurance shall not be
146	146	included in a consumer information system for that line or kind
147	147	of insurance. The superintendent shall not compel an insurer
148	148	to offer a policy containing minimum coverage provisions
149	149	specified by the superintendent.
150	150	G. When a loss is caused by a combination of a
151	151	covered and specifically excluded risk, an insurance contract
152	152	shall provide that the loss is covered if the covered risk was
153	153	the efficient proximate cause of the loss, but the loss is not
154	154	covered if the covered risk was only a remote cause of the
155	155	loss."
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157	157	.229726.3SA