Catastrophe Declaration

SUPERINTENDENT OF INSURANCE John G. Franchini 505-827-4299 [LOGO] NEW MEXICO OFFICE OF SUPERINTENDENT OF INSURANCE DEPUTY SUPERINTENDENT Robert Doucette 505-827-5832 Bulletin 2017-006 May 15, 2017 May 23, 2017 (Update) FILED 2017 MAY 23 AM 10:54 NM OFFICE OF SUPERINTENDENT OF INSURANCE TO: PROPERTY AND CASUALTY INSURERS AND ADJUSTERS RE: CATASTROPHE DECLARATION THE FOLLOWING Bulletin is issued pursuant to NMSA 1978 Sections 59A-13-6 and 59A-16-20(F), 13.7.4 NMAC, and 13.1.2 NMAC. This Updated Bulletin is issued in order to provide additional information. For purposes of this Bulletin, a catastrophe is defined as “a disaster or accident or series of disasters or accidents arising out of a single event that results in at least 1,000 claims against insurers, results in total insured losses in excess of $5,000,000 and takes place within a period of 72 consecutive hours.” 13.7.4.7(A) NMAC. A hailstorm occurred on May 8, 2017, impacting Chaves, De Baca, Quay, Guadalupe, San Miguel, and Harding Counties in New Mexico. Insurance industry representatives have informed the Office of Superintendent of Insurance (OSI) that the hailstorm has resulted in over 1,000 claims and in excess of $5,000,000 million in total insured losses. The New Mexico Superintendent of Insurance hereby declares that hailstorm to be a catastrophe as defined by 13.7.4.7(A) NMAC and has assigned to this event the catastrophic claim number NM-2017-1. Pursuant to 13.7.4.8(C) NMAC, insurers shall settle each catastrophic claim within a ninety-day period after a catastrophe has been declared by the superintendent, provided the claim is not a late reported claim. Insurers shall settle each late reported claim within a ninety-day Main Phone: 505-827-4601 Main Fax: 505-827-4734 Toll Free: 1-855-4-ASK-OSI Mailing Address: P.O. Box 1689 Santa Fe, NM 87504-1689 Physical Address: 1120 Paseo de Peralta Santa Fe, NM 87501 Website: WWW.OSI.STATE.NM.US period after the late reported claim is reported to the insurer. Because this Updated Bulletin is issued for the sole purpose of providing additional information, the date of the declaration of catastrophe remains May 15, 2017. Any questions on coverage and settlement requirements may be directed to Alan Seeley, Chief Actuary, at (505) 827-4307 or at alan.seeley@state.nm.us. Although current adjuster licensing requirements remain in effect, applications for adjuster licenses submitted in response to this catastrophe will be expedited by the Producer Licensing Bureau. For specific licensing questions, please contact Lorinda Martinez, Producer Licensing Bureau Chief, at (505) 827-4554 or at lorinda.martinez@state.nm.us. DONE AND ORDERED THIS 23 day of May, 2017. ROBERT DOUCETTE ACTING SUPERINTENDENT OF INSURANCE Main Phone: 505-827-4601 Main Fax: 505-827-4734 Toll Free: 1-855-4-ASK-OSI Mailing Address: P.O. Box 1689 Santa Fe, NM 87504-1689 Physical Address: 1120 Paseo de Peralta Santa Fe, NM 87501 Website: WWW.OSI.STATE.NM.US