New Mexico: Gov. Richardson Signs ‘File and Use’ Bill

On Friday, Gov. Bill Richardson signed SB 483, Amending the New Mexico Insurance Code to Modernize the Regulation of Property and Casualty Rates and Forms, into law. NAMIC sent a letter to Richardson on April 3 requesting his signature on the bill.

According to Christian J. Rataj, NAMIC state affairs manager, the new law will be good for insurance consumers, the division of insurance, and the state's economy. "Rate modernization legislation promotes market competition between carriers and facilitates the entry of new insurers into the marketplace," he said. "New Mexico’s citizens deserve an opportunity to benefit from greater market competition in rates, products, and services, and SB 483 will help facilitate this change.

"SB 483 is fully supported by the Superintendent of Insurance Morris J. Chavez as being both pro-consumer and pro-business legislation. The superintendent and the sponsor, Senator Carroll H. Leavell, worked closely with consumer interest groups, the insurance industry, and the state Legislature to draft a bill that will promote market competition in the state without sacrificing any consumer protections."

Direct questions to NAMIC State Affairs Manager Christian J. Rataj.

Posted: Tuesday, April 10, 2007 12:00:00 AM. Modified: Tuesday, April 24, 2007 9:12:18 AM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.