On Jul. 23, NM INS issued bulletin re credit insurance premium rates.
NM INS updated Bulletin 2025-002 related to adjustment of Presumptively Acceptable Credit Life Insurance Premiums and Credit Accident and Health Insurance Premiums.
Update issued to allow 60 day period from Jul. 1, 2025 to implement the new rates.
Updated Rates
Includes list of rates for credit life and accident and health insurance premium rates.
Superintendent may presume that the benefits of foregoing policies are reasonable re premium charged if the rate for death benefits as filed does not exceed listed rates.
If insurer adopts the prima facie rates in the bulletin, insurer not required to submit all rate materials required per filing, but must attest to adoption of prima facie rates.
The insurer must also submit the rate schedules required under NM INS 13.18.2.36.
If insurer does not adopt prima facie rates, insurer must submit all rates for review.
Effectiveness
The new rates will be implemented on or before Sep. 1, 2025.
Regulators
NM INS
Entity Types
CNSM; IB; Ins
Reference
Bul 2025-002, 7/23/2025; Citation: NM INS 13.18.2.36;
