Read updates on the New Mexico Office of Superintendent of Insurance website.
The provisions relevant to property & casualty insurers are:
D. With respect to policy holders whose residence or business is in the flood impacted areas identified in this Emergency Order, insurers who write property or homeowners policies in New Mexico, for the next 120 days, shall:
- Provide a grace period for payment of insurance premiums and offer policy holders a payment plan of no less than six (6) months if unable to pay the delinquency after the 120-day grace period;
- Waive deductibles;
- Postpone cancellations and non-renewals;
- Extend reporting requirements for claims submissions or requests for additional information relating to claims;
- Allow insureds to request a duplicate copy of their policy at no additional costs; and
- Suspend late payment, reinstatement or insufficient funds fees along with any other fee, penalty, or interest charge resulting from the insured’s temporary inability to submit premium payments;
E. With respect to policy holders whose residence or business is in the flood impacted areas identified in this Emergency Order, that insurers who write automobile policies in New Mexico, for the next 120 days, shall:
- Provide a grace period for payment of insurance premiums, and that policy holders be offered a payment plan of no less than six (6) months if unable to pay the delinquency after the 120-day grace period;
- Waive deductibles;
- Postpone cancellations and non-renewals;
- Extend reporting requirements for claims submissions or requests for additional information relating to claims;
- Extend reporting requirements for claims submissions or requests for additional information relating to claims;
- Allow insureds to request a duplicate copy of their policy at no additional costs; and
- Suspend late payment, reinstatement or insufficient funds fees along with any other fee, penalty, or interest charge resulting from the insured’s temporary inability to submit premium payments;
F. Insurers impacted by this Emergency Order are directed to make every reasonable effort to assist policy holders by informing them of the provisions of this Emergency Order. Insurers are expected to document their outreach efforts to those who suffered property damage, injuries, and other losses as a result of the catastrophic flooding.