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. This adjustment aims to meet the needs of residents in high-risk areas while ensuring the long-term financial sustainability of the program.

The memorial emphasizes the importance of timely approval of these changes, as delays prolong uncertainty for residents seeking insurance coverage to rebuild their homes. The House of Representatives expresses full support for the governing committee's decision and calls on the Office of Superintendent of Insurance to act swiftly, allowing Lincoln County residents to secure necessary policies and begin the rebuilding process. Copies of the memorial will be sent to relevant officials, including the superintendent of insurance and the governor.