The
New Mexico insurance sector offers a comprehensive range of insurance services. There are several major
general insurance companies and an individual has a number of options to choose from within each insurance class.
New Mexico Insurance: Life Insurance Policy
New Mexico life insurance offers financial cover to beneficiaries, following the death of the policyholder. An individual can buy a long- or short-term life insurance policy based on personal insurance needs.
New Mexico Insurance: Healthcare Policy
New Mexico insurance laws allow the medical underwriting of all individual health insurance policies. This permits a health insurance provider to examine an individual’s health records. Based on the medical assessment, an insurance provider can deny the policy to an individual. However, small group health insurance is a guaranteed issue. It means that an insurance provider cannot refuse to insurance a small group. A waiting period of a maximum of six months is applicable for preexisting conditions.
Also, New Mexico insurance laws provide for a mini-Cobra cover. This program allows eligible individuals to continue the group medical insurance cover for another six months. State government statistics for 2009 reveal that almost 80% of the residents possess health insurance.
New Mexico Insurance: Auto Insurance Policy
New Mexico insurance laws require every vehicle owner to buy auto insurance with a minimum liability cover. The minimum cover as detailed in the law is:
$25,000 per person for bodily injury,
$50,000 per accident for bodily injury,
$10,000 per accident for property.
New Mexico Insurance: Property Insurance Policy
Property insurance covers damage to an insured personal property against unforeseen conditions. It includes liability insurance against damage to a third person. As per New Mexico insurance laws, title insurance is not included under property insurance.
New Mexico Insurance Division
The New Mexico Insurance Division exists within the Public Regulation Commission. All powers relating to the monitoring of the insurance market, rates and business practices are vested in the commission through the New Mexico Insurance Division. The department is authorized to collect taxes and fees generating from the insurance sector.
The mission of the New Mexico Insurance Division is to assure public access to credible insurance products. It promotes a competitive environment in the insurance market which is favorable to the residents of the state. The insurance division also ensures that reputable and reliable companies continue operations in New Mexico and offer cost-effective insurance products.