Governor Signs Insurance Rate Review Bill
SANTA FE, N.M. – The measure was developed by lawmakers in response to a public outcry over a double-digit rate increase requested last year by Blue Cross and Blue Shield of New Mexico.
The governor signed the legislation on Thursday, just a day after the state's insurance superintendent approved a settlement of the rate case allowing a 21 percent average premium increase for about 40,000 Blue Cross customers.
Martinez said the new law will help ensure that consumers are getting a "fair deal" in insurance rate cases. The law takes effect Jan. 1, 2012.