The New Mexico Senate held a session on March 8, 2025, as the legislative session nears its conclusion. During this session, significant progress was made with the passage of Senate Bill 81. The bill was approved by a vote of 34-1 and is sponsored by Senate Majority Leader Peter Wirth.
Senate Bill 81 focuses on expanding and enhancing the New Mexico FAIR Plan. This plan is crucial for providing property insurance to individuals and businesses in high-risk areas who find it challenging to obtain coverage in the open market. These areas are often affected by natural disasters such as wildfires.
Senate Majority Leader Wirth emphasized the importance of this legislation, stating, "With devastating wildfires and the increasing costs of rebuilding, it's imperative that we modernize the protections available to New Mexicans living in high-risk areas." He further added, "The passage of this bill represents a critical step in ensuring that our residents and businesses have access to adequate coverage when they need it most."
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