New Mexico is imposing a 10% reduction on the cost of credit life insurance and credit accident and health insurance policies sold to borrowers in the state.
New Mexico requires rate reductions when the combined loss ratios for credit life insurers or credit health insurers fall under 90%, officials from the New Mexico Public Regulation Commission note in Insurance Division Bulletin Number 2007-008.
The loss ratios in each market were under 90% in 2006, officials report.