New Mexico Register / Volume XXXVI,
Issue 7 / April 8, 2025
NOTICE OF
PROPOSED RULEMAKING
NOTICE IS HEREBY GIVEN that the Office of Superintendent
of Insurance (OSI or Superintendent) will hold a public hearing in person, via
video conference and telephone conference regarding proposed amendments to 13.14.4
NMAC, Sections 7, 10, and 12, certain sections of 13.14.8 NMAC, 13.14.9.13
NMAC, 13.14.17.12 NMAC Form 3, and new section 13.14.16.18 NMAC. This
hearing will commence on Tuesday, May 13, 2025, at 10:00 a.m., MDT.
PURPOSE OF THE
PROPOSED RULEMAKING:
The purpose of this rulemaking is to propose: 1) amendment the
definitions section of 13.14.4.7 NMAC to add a definition for “electronic
transfer” that will apply only to 13.14.4.10 NMAC; 2) amendment to
13.14.4.10 NMAC to add electronic transfer as a means to send and receive
funds; 3) amendment to 13.14.4.12 NMAC to add escrow transaction to the
notice and disclosure requirements required to be reported to OSI; 4)
amendment to 13.14.8 NMAC to propose allowing for implementation and use of NM
Forms 65.3, 76.1, 76.2, 76.3, 90, 92, 93, 94, 94.1, and 95; 5) amendment
to 13.14.8.11 NMAC to identify 13.1.6 NMAC Informal Hearings, as the procedure
to be used to request terms, conditions, and rate(s) for use of NM Form 85; 6)
amendment to 13.14.9.13 NMAC to allow for rounding to the nearest dollar for
the premium split subject to order of the Superintendent in the rate hearing
Docket No. 2024-0072; 7) addition of new section 13.14.16.18 NMAC,
Schedule I, proposing that Schedule I be added to the Agent Statistical Report;
8) amendment to 13.14.17.12 NMAC to revise FORM 3 to reflect the
proposed amended forms and proposed new forms; 9) amendment to NM Form
6, Commitment to Title Insurance, to eliminate an inconsistency without any
effect on rates; 10) amendment to NM Form 65.2, Zoning – No Zoning
Classification with a proposed rate of 23% base premium rate (BPR), proposed
amendments relate to dealing with insured land that was improved where was no
applicable zoning; 11) use of new NM Form No. 63, Short Form Residential
Loan Policy with a proposed premium that is the same as a standard loan policy;
12) use of new NM Form No. 65.3, Zoning – Completed Improvement,
proposed premium is 23% BPR; 13) use of new NM Form No. 76.1,
Encroachment – Boundaries and Easements proposed premium is $25.00; 14)
use of new NM Form No. 76.2, Encroachment – Boundaries and Easements –
Described Improvements, proposed premium is $25.00; 15) use of new NM
Form No. 76.3, Encroachment – Boundaries and Easements – Described Improvements
and Land Under Development, proposed premium is $25.00; 16) proposes new
NM Form 92, Severable Improvements, proposed premium is 5% of BPR for the total
of the value of the land and the improvements; 17) use of new NM Form
No. 93, Commercial Lender Group, proposed premium is 10% of BPR, $250.00
minimum; 18) use of new NM Form No. 94, Tax Credit – Owner’s Policy,
proposed premium of 10% of BPR, $250 minimum; 19) proposed new NM Form
No. 94.1, Tax Credit – Defined Amount – Owner’s Policy, proposed premium of 10%
of BPR, $250 minimum; and 20) use of new NM Form No. 95, Pari Passu,
with a proposed premium of $250.00.
STATUTORY
AUTHORITY: Sections 14-4-1 et
seq., NMSA 1978, State Rules Act, Chapter 59A, Article 30, New Mexico Title
Insurance Law, and Section 59A-2-9 NMSA 1978.
PLEASE NOTE: The
entrance to the PERA Building is on the ground floor. All guests must sign in with the ground floor receptionist and
then will be escorted to the 4th Floor Hearing Room. Please give
yourself extra time to check in before 10:00 a.m.
TO
ATTEND THE HEARING BY ELECTRONIC VIDEO CONFERENCE VIA MS TEAMS MEETING:
Please copy the link below into your browser to get to the video conference meeting:
Meeting ID: 295
082 758 167
Passcode: dk99go3f
TO ATTEND VIA TELEPHONE: Dial +1-505-312-4308 Phone Conference ID: 767
899 480#
PUBLIC COMMENT: The Superintendent designates Mickey VanCuren as the hearing officer for this hearing. Oral comments will be accepted at the public hearing from members of the public and other interested parties in-person or via electronic video conference. Copies of the Notice of Proposed Rulemaking and proposed rule are available by electronic download from the OSI eDocket (https://edocket.osi.state.nm.us/case-view/6054). You may also request copies if the Notice of Proposed Rulemaking and proposed rule by emailing Laura Baca at: laura.baca@osi.nm.gov or by phone at: 505-699-1429, email communication is preferred. Any copies of the Notice of Proposed Rulemaking, proposed rules, and any updates concerning the hearing date, time, or location will be available by visiting the OSI website at: https://www.osi.state.nm.us/pages/bureaus/legal/resources/laws-rules or on the Sunshine Portal at: https://statenm.my.salesforce-sites.com/public/SSP_RuleHearingSearchPublic (from the “Agency” drop down menu, select “Office of Superintendent of Insurance”)
Written comments will be
accepted through 4:00 p.m. on Thursday, May 8, 2025.
Responses to written comments or to oral comments delivered at the hearing will
be accepted through 4:00 p.m. on Wednesday, May 14, 2025. All comments shall be filed electronically
through the OSI eDocket. Please copy the following link into your
browser to get to the eDocket: https://edocket.osi.state.nm.us/case-view/6054
Written comments may be sent
via U. S. mail to:
OSI Records and Docketing
NM Office of
Superintendent of Insurance
P.O. Box 1689, Santa Fe, NM 87504-1689
Written comments must be
received by OSI and stamped as accepted between the hours of 8:00 a.m. and 4:00
p.m. Monday through Friday except on state holidays. The Superintendent will
consider all oral comments and will review and consider all timely submitted
written comments and written responses. For help submitting a filing, please
contact osi-docketfiling@state.nm.us.
The docket number and
title below must be indicated on all written comments
submitted to the OSI:
Docket No. 2025-0013 – Please copy the following link into your
browser to get to the eDocket: https://edocket.osi.state.nm.us/case-view/6054
IN THE MATTER OF
ADOPTION OF FORMS AND PROMULGATION OF CORRESPONDING RATES, AND AMENDMENTS TO
13.14.4 NMAC, 13.14.8 NMAC, 13.14.9 NMAC, 13.14.17 NMAC, AND NEW SECTION
13.14.16.18 NMAC
SPECIAL NEEDS: Any person with a
disability requiring special assistance to participate in the hearing should
contact Andrea Padilla, at 505-531-7171 no later than ten (10) business days
prior to the hearing.