HOUSE MEMORIAL 90

52nd legislature - STATE OF NEW MEXICO - second session, 2016

INTRODUCED BY

Jeff Steinborn

A MEMORIAL

REQUESTING THE SUPERINTENDENT OF INSURANCE TO CONVENE A VEHICLE INSURANCE ADVISORY COMMITTEE TO REVIEW VEHICLE INSURANCE PRODUCTS AND TERMS AND POLICY OVERSIGHT PROCEDURES WITHIN THE OFFICE OF SUPERINTENDENT OF INSURANCE.

     WHEREAS, as part of New Mexico's financial responsibility laws, all registered vehicles must be covered by car insurance; and

     WHEREAS, New Mexico law requires that drivers carry liability car insurance to help cover costs associated with injuries or property damage resulting from car accidents the driver may cause; and

     WHEREAS, it is in the interest of New Mexico consumers to have effective liability insurance coverage that protects their assets and financial exposure; and

     WHEREAS, given the legal mandate that New Mexico drivers must possess vehicle insurance, it is important that the state ensure adequate consumer protections and review vehicle insurance products offered in New Mexico;

     NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF NEW MEXICO that the superintendent of insurance be requested to convene a vehicle insurance advisory committee to review current vehicle insurance product terms, current or needed consumer protections within vehicle insurance product terms and current or needed vehicle insurance product oversight procedures within the office of superintendent of insurance; and

     BE IT FURTHER RESOLVED that the vehicle insurance advisory committee be requested to research any national policy organizations that have studied current vehicle insurance product policies and procedures; and 

     BE IT FURTHER RESOLVED that the vehicle insurance advisory committee include the superintendent of insurance or the superintendent's designee, members of the public interested in vehicle insurance advocacy and representatives of consumer advocacy organizations and the vehicle insurance industry; and

     BE IT FURTHER RESOLVED that the vehicle insurance advisory committee report its findings and recommendations to the appropriate legislative interim committee by October 1, 2016; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the superintendent of insurance and other interested parties.

- 3 -