NM| In Bulletin 2025-002 from the New Mexico Office of Superintendent of Insurance, issued on May 9, 2025. It outlines the presumptively acceptable (prima facie) premium rates for credit life and credit accident and health insurance, effective July 1, 2025. The bulletin specifies the maximum rates considered reasonable for insurers, provides detailed tables for premium calculations based on coverage terms, and clarifies the regulatory authority for these adjustments.
Key Points:
- The bulletin (rate list included) sets the presumptively acceptable monthly and single premium rates for both single and joint credit life insurance, as well as for credit accident and health insurance, with rates varying by coverage type and payment structure.
- Detailed tables are included, showing the acceptable single premium rates per $100 of initial insured indebtedness, differentiated by the number of monthly installments and waiting periods (14th or 30th day of disability, retroactive or non-retroactive).
- The document confirms that these rates remain in effect from July 1, 2025, and provides procedures for aggrieved parties to request a hearing, reinforcing the Superintendent’s authority to adjust rates as needed.