New Mexico 2025 Regular Session

New Mexico Senate Bill SB506 Compare Versions

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

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28	28	SENATE BILL 506
29	29	57TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2025
30	30	INTRODUCED BY
31	31	Gabriel Ramos and Joshua A. Sanchez
32	32	AN ACT
33	33	RELATING TO INSURANCE; ENACTING A NEW SECTION OF THE FAIR PLAN
34	34	ACT; PROVIDING A MAXIMUM INSURABLE VALUE FOR PROPERTIES INSURED
35	35	UNDER THE FAIR PLAN.
36	36	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
37	37	SECTION 1. A new section of the FAIR Plan Act is enacted
38	38	to read:
39	39	"[NEW MATERIAL] FIRE DEPARTMENT INSURANCE LIMITS.--
40	40	A. The maximum limit of liability for a property
41	41	insured and subsequently damaged or destroyed by fire that is
42	42	located in the service area of a fire department that may be
43	43	insured under a FAIR plan shall be:
44	44	(1) six hundred thousand dollars ($600,000)
45	45	for a property insured and subsequently damaged or destroyed by
46	46	fire that is located in the service area of a fire department
47	47	.229737.3 underscored material = new
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74	74	with a class rating of eight, nine or ten or a similar rating
75	75	system as determined by a nationally recognized insurance
76	76	service; and
77	77	(2) seven hundred fifty thousand dollars
78	78	($750,000) for a property insured and subsequently damaged or
79	79	destroyed by fire that is located in the service area of a
80	80	well-staffed and well-equipped fire department with a class
81	81	rating of one through seven or a similar rating system as
82	82	determined by a nationally recognized insurance service.
83	83	B. As used in this section, "nationally recognized
84	84	insurance service" means an organization that collects
85	85	statistical data, promulgates rating information, develops
86	86	standard policy forms and files information with state
87	87	regulators of insurance on behalf of insurance companies and
88	88	rates fire departments based on the following factors:
89	89	(1) emergency communication systems, including
90	90	911 dispatch;
91	91	(2) fire department staffing, training and
92	92	equipment;
93	93	(3) water supply availability and pressure;
94	94	and
95	95	(4) community risk reduction programs and
96	96	other factors."
97	97	- 2 -
98	98	.229737.3