The New Mexico Property Insurance Program (NMPIP), also known as the New Mexico F.A.I.R. Plan (Fair Access to Insurance Requirements), serves as the underwriting association of the FAIR Plan. Established by the New Mexico Legislature, this not-for-profit program was designed to provide essential property insurance coverage for responsible applicants who cannot obtain insurance through traditional markets. Under the FAIR Plan Act, all insurance companies licensed in New Mexico must participate in the program, ensuring that applicants have access to necessary coverage.
The Program focuses exclusively on property insurance for both residential dwellings and commercial properties. It operates under a uniquely structured model: NMPIP underwrites applications, issues policies, and adjusts claims, thus functioning similarly to a small insurance company. This allows for a streamlined process while maintaining oversight and regulation from the Superintendent of Insurance in New Mexico.
Since its inception in 1969, the NMPIP has remained committed to its mission to serve as a market of last resort, offering insurance options where none are available. Applicants can apply directly to the program or through licensed insurance agents for coverage. All policy applications are underwritten internally, while claims management is outsourced to a Third-Party Administrator (TPA), which engages independent adjusters across the state. This operational model reflects the Program's dedication to efficient service and support for its clients. NMPIP is a vital component in the landscape of New Mexico's insurance market, ensuring that all residents have access to essential coverage.
