Recently the New Mexico Superintendent of Insurance (OIS) issued Bulletin 2021-024. The Bulletin was issued in accordance with Crutcher v. Liberty Mut. Ins. Co., NMSC Docket No. S-1-SC-37478. The case states, “We will now require every insurer to adequately disclose the limitations of minimum limits UM/UIM policies in the form of an exclusion in its insurance policy. If the insurer provides adequate disclosure, it may lawfully charge a premium for such coverage.”
Bulletin 2021-024 impacts all insurers writing commercial or personal auto insurance in the state of New Mexico. Notices must be sent to clients as soon as practicable, but no later than December 9th, 2021. Insurers are able to develop proprietary language or use language provided by the New Mexico Office of the Superintendent (OIS) in the disclosure and exclusion. Either way, each insurer is required to file both the new disclosure and exclusion via SERFF on a use and file basis by February 7, 2022.
Need help making this happen? We are ready to support the development of compliant forms or compile, submit and monitor your filings in SERFF. Learn more here.