The proposed "Travel Insurance Act" seeks to create a regulatory framework for travel insurance in New Mexico by introducing new definitions such as "aggregator site," "blanket travel insurance," and "travel protection plan." It classifies travel insurance policies under an inland marine line of insurance and allows for various policy types, including individual, group, or blanket policies. The Act outlines the responsibilities of limited lines travel insurance producers and travel retailers, mandating that they provide consumers with clear information regarding coverage, claims processes, and cancellation policies.

Additionally, the Act prohibits practices such as misrepresentation of policy terms and delays in claims processing, while emphasizing transparency in marketing and sales. It grants the superintendent of insurance the authority to create rules for implementing the Act, thereby enhancing oversight and consumer protection. The bill also includes specific prohibitions against practices that undermine consumer rights, such as settling claims for less than reasonable expectations, altering applications without consent, and marketing blanket travel insurance as free. These measures aim to ensure fair treatment of insured individuals and improve the overall integrity of the travel insurance market.

Statutes affected:
introduced version: 59A-12-18.1
CT substitute: 59A-16-20
Final Version: 59A-16-20