New Mexico legislation · 2026 Regular Session
New Mexico SB224: INSURANCE FAIR PLAN ACT CHANGES
Status: In committee, February 3, 2026
What the bill says
An act relating to insurance; enacting a new section of the fair plan act; providing a maximum insurable value for properties insured under the fair plan.
From the introduced text, February 3, 2026:
AN ACT RELATING TO INSURANCE; ENACTING A NEW SECTION OF THE FAIR PLAN ACT; PROVIDING A MAXIMUM INSURABLE VALUE FOR PROPERTIES INSURED UNDER THE FAIR PLAN. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. A new section of the FAIR Plan Act is enacted to read: "[NEW MATERIAL] FIRE DEPARTMENT INSURANCE LIMITS.-- A. The maximum limit of liability for a property insured and subsequently damaged or destroyed by fire that is located in the service area of a fire department that may be insured under a FAIR plan shall be seven hundred fifty thousand dollars ($750,000) for a property insured and subsequently damaged or destroyed by fire that is located in the service area of a: .233327.2 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ (1) fire department with a class rating of eight, nine or ten or a similar rating system as determined by a nationally recognized insurance service; and (2) well-staffed and well-equipped fire department with a class rating of one through seven or a similar rating system as determined by a nationally recognized insurance service. B. As used in this section, "nationally recognized insurance service" means an organization that collects statistical data, promulgates rating information, develops standard policy forms and files information with state regulators of insurance on behalf of insurance …
Sponsors
- Gabriel Ramos (R, SD-028) · primary sponsor
- Jenifer Jones (R, HD-032)
- Luis M. Terrazas (R, HD-039)
Latest actions
- : Sent to SCC - Referrals: SCC/SIRC/STBTC
- : Action Postponed Indefinitely
Subjects: INSURANCE
Common questions
- What is SB224?
- SB224 is a bill in the New Mexico Legislature (2026 Regular Session): INSURANCE FAIR PLAN ACT CHANGES.
- What does SB224 do?
- In its own words: An act relating to insurance; enacting a new section of the fair plan act; providing a maximum insurable value for properties insured under the fair plan.
- What is the status of SB224?
- In committee as of February 3, 2026. Latest action: Sent to SCC - Referrals: SCC/SIRC/STBTC (February 3, 2026).
- Who sponsored SB224?
- Gabriel Ramos (R, SD-028), with 2 co-sponsors.
- Where is the official record for SB224?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legType=B&legNo=224&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.