On Nov. 19, 2024, NM INS issuedBulletin 2024-024 to extend the compliance date for carriers to implement the requirements of NM INS 13.10.34.23 to Jul. 1, 2025.
NM INS amended rule on specific producer obligations surrounding excepted benefits.
Also addressed ancillary plans only sold to consumers with major medical coverage.
Overview
Proposed amendments under NM INS 13.10.34, standards for accident only, specified disease of illness, hospital indemnity and related excepted expenses.
Adds new Sec 23 in NM INS 12.10.34.23, plans sold to individuals covered under major medical insurance, and new Sec 24, NM INS 13.10.34.24, continuing education.
Consultation
Hearing is schedule for Oct. 27, 2023; comments will be accepted through Oct. 27.
Jan. 2024 NM INS Rule Adoption
On Jan. 16, 2024, NM INS published adoption of rule amendments in State register.
New Section 23 stipulates requirements for plans sold to individuals covered under major medical insurance, including accident-only, and specified disease or illness plans.
Also includes hospital indemnity plans and other fixed indemnity plans.
Requirements include, among others, proof of major medical coverage, disclosures.
New Section 24 stipulates licensing, continuing education requirements for producers selling excepted benefits plans; as well as carrier obligation to offer training courses.
Section 23 takes effect on Jan. 1, 2025, and Section 24 takes effect on Apr. 1, 2026.
Follows NM INS Jan. 10, 2024 guidance for compliance with Section 23, see #197825.
Nov. 2024 NM INS Compliance Extension
On Nov. 19, 2024, NM INS issuedBulletin 2024-024 to extend the compliance date for carriers to implement the requirements of NM INS 13.10.34.23 to Jul. 1, 2025.
Regulators
NM INS
Entity Types
CNSM; Ins
Reference
Bul 2024-024, 11/19/2024; NM SR Vol XXXV, Is 1, p. 39, 1/16/2024; NM SR Vol XXXIV, Is 18, p. 923, RF 2023-0081, 9/26/2023; Citation: NM INS 13.10.34;
Functions
Compliance; Legal; Product Administration; Training
