New Mexico Statutes 59A-17A-9. Insurance scoring filings
A. Insurers and groups of affiliated insurers that use credit information or insurance scores to underwrite, rate or renew personal insurance coverage shall, prior to implementation or amendment, file with the superintendent their scoring models and all scoring ingredients and processes, including all criteria, matrices, weightings and score ranges, as well as all resulting rating factors and rating elements, and all resulting guidelines for accepting coverage, for company placement and for tier placement. A filing shall provide examples, either through electronic spreadsheets, formulas, tables or detailed written documentation, of how scores and underwriting and rating results can be obtained. The filing shall be provided on an affiliated group basis whenever an insurer is an affiliate of an insurance group.
Terms Used In New Mexico Statutes 59A-17A-9
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
B. A filing that includes credit information or insurance scoring shall include loss experience justifying the design and use of the model.
C. If an insurer files a scoring model that has already been filed with the superintendent by a rate service organization licensed by the superintendent pursuant to Section 59A-17-19 N.M. Stat. Ann., the insurer may reference the rate service organization’s filing of the model. In such circumstances, if the insurer deviates in any way from the referenced model filed by the rate service organization, the insurer must explain in detail the nature of such deviations.
D. Scoring models, processes and guidelines shall become effective and may be used on the date of filing with the superintendent.
E. The superintendent may issue an order to disapprove a filing at any time upon providing the insurer with a sixty-day written notice of the disapproval. Any such disapproval shall be based upon a determination that the filing under this section is either inadequate pursuant to Subsection A of this section, will result in rates that do not comply with the applicable requirements of the Insurance Rate Regulation Law [N.M. Stat. Ann. Chapter 59A, Article 17] or will result in uses not compliant with Section 4 [59A-17A- 4 NMSA 1978] of the Personal Insurance Credit Information Act. The notice of disapproval shall specify the bases for the disapproval and the date on which the filing shall be deemed no longer effective. An insurer affected by such a disapproval may request a hearing before the superintendent pursuant to Section 59A-4-15 N.M. Stat. Ann., and the request for hearing stays the effectiveness of the disapproval. No disapproval shall affect an action or determination made by an insurer concerning applications or policies of insurance made prior to the date of notice of final determination of the disapproval.
F. Filings made pursuant to this section shall be considered confidential trade secrets under the Uniform Trade Secrets Act N.M. Stat. Ann. § 57-3A-1 to 57-3A-7.