House Memorial 55 urges the Office of Superintendent of Insurance to promptly approve proposed changes to the New Mexico Property Insurance Program, known as the FAIR plan, to provide essential relief to homeowners in Lincoln County and other affected communities. Following the devastating South Fork and Salt fires of 2024, which destroyed numerous homes and businesses, the FAIR plan's governing committee approved changes in February 2025 to increase coverage limits for residential properties to $750,000, while maintaining limitations for commercial properties. This adjustment aims to address the challenges homeowners face in securing affordable insurance in high-risk wildfire areas.

The memorial emphasizes the importance of these changes for residents who are currently facing uncertainty regarding their insurance coverage as they seek to rebuild their lives. It calls on the Office of Superintendent of Insurance to expedite the approval process for these changes, allowing affected homeowners to secure necessary policies and begin the rebuilding process. The House of Representatives expresses its full support for the governing committee's decision and requests that copies of the memorial be sent to relevant officials, including the superintendent of insurance and the governor.