INSURANCE FAIR PLAN ACT CHANGES
SB 224 sets a $750,000 maximum insurance payout for properties damaged by fire under New Mexico's Fair Plan program. It applies to properties in areas served by fire departments rated 1-10 based on national insurance service evaluations. The rating considers factors like staffing, equipment, emergency communications, water supply, and community risk programs. This policy change directly affects homeowners in communities using the state's Fair Plan insurance for fire coverage.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2026
Committee Review
Floor Vote
Governor
Introduced Feb 3, 2026
Last action Mar 24, 2026
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
0
Feb 3, 2026
Introduced
Sent to Senate Committees' Committee & Senate Indian, Rural and Cultural Affairs Committee & Senate Tax, Business and Transportation Committee
upper
3 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Gabriel Ramos
RRepublican
P
Jenifer Jones
RRepublican
P
Luis Terrazas
RRepublican
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