The New Mexico Office of Superintendent of Insurance (OSI) published a bulletin announcing that bulletin 2024-022 has been extended indefinitely. The bulletin was published on October 29, 2024, and was set to expire after two years.
Bulletin 2024-022 required that rating and advisory organizations provide written notice at least 90 days before a downgraded score was intended to be published by the organization to the OSI of any unfavorable change in a New Mexico community's Public Protection Classification (PPC) score.
After the notice, OSI must issue a bulletin to impacted insurers who provide insurance in that community. Insurers were then required to provide written notice of the unfavorable change to affected customers within 90 days. The bulletin contained sample language.
The bulletin 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.