The Form and Rates Product Filing Bureau enforces statutory and regulatory requirements for excepted benefit health products, including dental, vision, Medicare supplement, long-term care, accident-only, specified disease or illness, hospital indemnity, other fixed indemnity, disability income, supplemental insurance, and insurance products similar to workers’ compensation. The Bureau also ensures compliance with applicable laws for life and annuity insurance products, including immediate, deferred, equity-indexed annuities, endowment, term, universal, whole, and credit life policies. In addition, the Bureau conducts annual reviews of health insurance policies, certificates, summaries of benefits and coverages (SBCs), and drug formularies to ensure compliance with newly enacted legislation and ensures that premium rates are actuarily sound, supported by the actuarial memorandum submitted, reasonable, not excessive or inadequate and not unfairly discriminatory, and based upon administrative expenses that are permitted by federal and state law. These reviews apply to individual and small group Qualified Health Plans (QHPs) offered on- and off-exchange through BeWell, as well as to large group fully insured plans in New Mexico.

This office utilizes SERFF (System for Electronic Rate and Form Filing) which offers a technological solution and cost-effective method for facilitating the submission, review, and approval of product filings. For further information go to the National Association of Insurance Commissioners (NAIC) or System for Electronic Rate and Form Filing (SERFF) website.