NM| Bulletin 2025-006, from the New Mexico Office of Superintendent of Insurance (OSI), effective August 14, 2025, outlines the requirements for insurers who wish to offer value-added products or services with insurance policies in New Mexico. It clarifies that insurers may provide such offerings at no or reduced cost—even if not specified in the insurance contract—if certain statutory criteria are met, including relevance to the policy, reasonable cost, nondiscriminatory availability, and specific purposes such as loss mitigation or health enhancement. Insurers are required to notify OSI prior to offering these products or services, submit detailed documentation via SERFF, and demonstrate compliance with clearly defined regulatory standards; insurance producers are not eligible to use this exception.
Key Points:
- Insurers must notify OSI before offering value-added products or services and follow detailed SERFF filing protocols, including policy linkage and cost documentation.
- Offerings must be relevant to the insurance coverage, provided at no or reduced and reasonable cost, offered in a nondiscriminatory manner, and designed for permitted purposes (e.g., loss control, health, financial wellness, risk mitigation).
- All filings are subject to review; noncompliance may result in rejection, and any disputes can be appealed through OSI’s formal hearing process.