The New Mexico Office of Superintendent of Insurance (OSI) published a newsletter announcing a delay in the collection of the Insurance Fraud Fee. The fee will now begin collection starting September 12, 2024.
The Insurance Fraud Fee provides funding to carry out the provisions of the Insurance Fraud Act. The fund allows the superintendent of insurance to more effectively detect and investigate insurance fraud. Each authorized insurer must be assessed a fee of not less than $200 and not greater than one-tenth of 1% of the insurer's direct written premiums in New Mexico.
The fraud fee collection will be through the NAIC's OPTins program. On September 12, 2024, the OSI website will provide a link to the OPTins page. Due to the delay, the late fee has also been extended to November 1, 2024.
The newsletter can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.