Waiting Period for N.M. Workers’ Comp Rate Filings Removed

In recognition of today’s workers’ compensation marketplace, the New Mexico Division of Insurance has exempted workers’ compensation insurance rate filings from the 90-day waiting period required by state law.

The division recently issued bulletin 2003-004, which exempts workers’ compensation rate filings from the waiting period, however all other provisions of the Insurance Rate Regulation Law remain in effect. Workers’ compensation rate filings will continue to be reviewed by division of insurance actuaries for compliance with rating standards.

“This is a very positive development for the state’s workers’ compensation market,” said Donald Hanson, southwestern regional manager for the National Association of Independent Insurers (NAII). “Removing the required waiting period will allow insurers to respond more quickly to developments in marketplace. This improvement to the regulatory environment will benefit business consumers who purchase workers’ compensation insurance by
helping them get the best rates without delay.”