Sat Mar 8 5:19PM - 13 days, 17 hours left in session
| Sponsors | ||
|---|---|---|
| Sen. Pat Woods | 7 | Curry, Harding, Quay & Union |
| Sen. Gabriel Ramos | 28 | Grant, Hidalgo, Luna |
| Rep. Anita Gonzales | 70 | San Miguel & Torrance |
| Status | |||
|---|---|---|---|
| SHPAC ✓ | Passed, Feb 17, with Do Pass recommendation | ||
| STBTC | [Referred, not scheduled] | ||
This is the official nmlegis action history. I'm doing my best to translate the LONG/WEIRD-STRING to something less gibberishy. And before you ask, no, the "Legis Day" number has no mapping to the real world.
Actions: [1] SHPAC/STBTC-SHPAC [8] DP-STBTC
| Legis Day | Action | Details | ||
|---|---|---|---|---|
| 1 | referred | SHPAC/STBTC | ||
| 1 | sent | SHPAC | ||
| 8 | passed | SHPAC (view committee report) | DP | 9-1; nays: Sedillo Lopez |
| 8 | sent | STBTC |
This table shows bill actions detected on Ed's system, using heuristics that may not be 100% accurate and which may not reflect the "official" nmlegis chronology. It is probably more than you care to know.
| Jan 22 | filed: [Prefiled by Pat Woods; not yet on nmlegis] |
| [new] | |
| sent to SHPAC | |
| title: '[prefiled by Pat Woods; Not Yet on Nmlegis]' -> 'Insurance Payment of Depreciation' | |
| actions: 'SPREF' -> '[1] SHPAC/STBTC-SHPAC' | |
| new sponsor: Pat Woods | |
| Jan 28 | new sponsor: Gabriel Ramos |
| Feb 11 | scheduled for SHPAC on Wed Feb 12, 13:30 |
| Feb 12 | removed from SHPAC 02-12 |
| Feb 13 | scheduled for SHPAC on Fri Feb 14, 13:30 |
| Feb 14 | scheduled for SHPAC on Mon Feb 17, 13:30 |
| Feb 18 | passed SHPAC; sent to STBTC |
| actions: '[1] SHPAC/STBTC-SHPAC' -> '[1] SHPAC/STBTC-SHPAC [8] DP-STBTC' | |
| Mar 6 | new sponsor: Anita Gonzales |
SENATE BILL 55
57th legislature - STATE OF NEW MEXICO - first session, 2025
INTRODUCED BY
Pat Woods and Gabriel Ramos and Anita Gonzales
AN ACT
RELATING TO INSURANCE; REVISING REQUIREMENTS FOR RESIDENTIAL PROPERTY INSURANCE FOR PAYMENT OF DEPRECIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 59A-18-17 NMSA 1978 (being Laws 1984, Chapter 127, Section 346, as amended) is amended to read:
"59A-18-17. STANDARD PROVISIONS, IN GENERAL.--
A. Insurance contracts shall contain such standard or uniform provisions as are required by applicable provisions of the Insurance Code pertaining to contracts of particular kinds of insurance.
B. No policy shall contain a provision inconsistent with or contradictory to a standard or uniform provision used or required to be used, but the superintendent may approve a substitute provision that is, in the superintendent's opinion, not less favorable in any particular to the insured, owner or beneficiary than the provision otherwise required or that is designed to comply with Chapter 59A, Article 19 NMSA 1978.
C. Insurance coverage provided in residential property insurance policies shall provide coverage for the cost to repair or replace without deduction for depreciation. If the insured elects to effectuate repairs to the property by the insured's own self, a reasonable overhead expense shall be allowed. At the time of settlement, the insurer shall pay one hundred percent of the replacement cost less depreciation. The remainder of the cost to rebuild or replace shall be paid upon completion of the rebuild or replacement in an amount not to exceed replacement cost or policy limits.
D. In lieu of the provisions required by the Insurance Code for contracts for particular kinds of insurance, substantially similar provisions required by the laws of the domicile of a foreign or alien insurer may be used when approved by the superintendent.
E. A policy issued by a domestic insurer for delivery in another jurisdiction may contain any provision required or permitted under the laws of such jurisdiction.
F. To protect consumers as well as enhance the value of consumer information systems, the superintendent may specify minimum coverage provisions that homeowners insurance policies, private passenger non-fleet automobile insurance policies or other lines or kinds of insurance policies that are priced in a consumer information system shall contain; provided that such minimum coverage provisions are contained in the majority of policies in force in New Mexico for that line or kind of insurance. An insurer that does not offer a policy that contains the minimum coverage provisions specified by the superintendent for a line or kind of insurance shall not be included in a consumer information system for that line or kind of insurance. The superintendent shall not compel an insurer to offer a policy containing minimum coverage provisions specified by the superintendent."
- 3 -