New Mexico: Public Regulation Commission Prepares for Implementation of Rate Modernization Legislation

The superintendent of insurance has schedule an informal public hearing on Aug. 8 on the proposed amendments (1, 2, 3, 4) to the recently revised Insurance Rate Regulation law, SB 0483, the "file and use" bill, that went into effect on July 1.

"NAMIC, in conjunction with other members of the insurance industry, will continue to work with the superintendent of insurance to draft and implement regulations that will facilitate a timely and efficient transition to a 'file and use' rate filing process," said Christian J. Rataj, NAMIC's Western state affairs manager. "NAMIC applauds the New Mexico state Legislature, Governor Bill Richardson, and Superintendent of Insurance Morris J. Chavez for supporting rate modernization in the state and promoting market competition in the insurance industry."

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

Posted: Tuesday, July 17, 2007 12:00:00 AM. Modified: Tuesday, July 17, 2007 12:47:49 PM.

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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.