New Mexico Superintendent of Insurance Issues Emergency Order Regarding Wildfires

New Mexico Superintendent of Insurance Issues Emergency Order Regarding Wildfires

 

On May 11, 2022, New Mexico Superintendent of Insurance (“the Superintendent”) issued an emergency order directing automobile, homeowners, and property insurers to provide relief to policyholders impacted by the wildfires in Colfax, Lincoln, Mora, San Miguel, Sandoval, and Valencia counties. The order takes effect immediately upon issuance and shall remain in effect until Executive Orders, for each of the listed counties, is rescinded by the Governor or until September 30, 2022, whichever occurs first.

Included in the order all automobile, homeowners, and property insurers are directed to provide the following relief:

  • 90-day grace period for the payment of insurance premiums and a payment plan of at least six months if policyholders are still unable to pay premiums after the 90-day grace period;
  • 120-day waiver of deductibles;
  • moratorium on the cancellation and nonrenewal of policies for at least 120 days;
  • a waiver of deductibles for Additional Living Expenses (ALE) and up to 12 months of ALE or until displaced homeowners establish a new residence, whichever occurs first, applies to displaced  homeowners only;
  • extension of at least 120 days in the reporting requirements for claims submissions or requests for additional claims information;
  • duplicate copies of policies at no additional cost to policyholders, if requested; and
  • suspension in fees for late payments, reinstatements, or insufficient funds and additional fees, penalties, or interest charges resulting from policyholders' temporary inability to submit premium payments.

  

Link to Order