New Mexico will be participating in the Interstate Insurance Product Regulation Compact.

New Mexico Gov. William Richardson III, D, has signed S.B. 15, a bill authorizing the state to join the compact, according to officials at the Interstate Insurance Product Regulation Commission, Washington, the agency that oversees the compact.

The commission now takes in product filings and other filings for 35 states and other jurisdictions, commission officials report.

New Mexico has become the second state to join the compact in 2009. Mississippi was the first.

The commission now handles filings for jurisdictions that account for about 55% of the nationwide premium volume for life insurance, annuity, long term care insurance and disability insurance products, officials estimate.