An insurance trade group said it expects New Mexico Gov. Bill Richardson will sign two newly passed bills related to insurance rate filing and consumer credit reports.
The major bills that passed this session dealt with regulatory modernization to permit use after filing of insurance rates (SB 483) and legislation enabling consumers to limit access to their credit reports (SB 165).
Kelly Campbell, regional manager for the Property-Casualty Insurers Association of America (PCI), said the governor’s silence on the issue indicates he will probably sign the bills.
A spokeswoman for the Democratic governor said he has until April 6 to make a decision, and has not done so yet.
While the 60-day session came to a close Saturday, Gov. Richardson announced that he will call the Legislature back into session Tuesday. However, insurance issues are not expected to be considered during the special session, Ms. Campbell said.
She said SB 483 imposes a use-and-file rate regulatory system that “makes important progress toward an insurance market that relies on the free market rather than government to regulate prices.”
During the session there were two bills moving through the Legislature allowing consumers to freeze access to credit information, with SB 165 gaining final passage.
The bill allows consumers to place a security freeze on access to their credit report but contains an exemption for insurers.