NM | The State of New Mexico Office of Superintendent of Insurance has issued Bulletin 2021-025.
The credit life and credit health insurance rule, 13.18.2 NMAC, provides for reduction of the presumptively acceptable credit life insurance premiums and credit accident and health insurance premiums set forth in the rule if the combined loss ratios of all insurers writing each type of insurance for the calendar year 2000 or any even-numbered calendar year thereafter, as filed in the NAIC statistical statements, does not equal or exceed ninety percent (90%) of the loss ratios set forth in the rule for each type of insurance.
The presumptively acceptable rates were last updated in OSI Bulletin 2019-018 based on the 2018 statistical statements. This Bulletin adjusts the presumptively acceptable rates based on the 2020 statistical statements. These rates are adjusted by smoothing to mitigate inconsistencies. Consistent with the rounding requirements of 126.96.36.199 and 188.8.131.52 NMAC, in no case is the resulting rate more than one cent greater than the resulting rate obtained by strict imposition of the specified formula.