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, in response to the devastation caused by the South Fork and Salt fires of 2024 in Lincoln County and other areas. The FAIR plan serves as an insurer of last resort for homeowners unable to secure affordable insurance coverage through the private market. The governing committee of the New Mexico property insurance program has approved changes to increase coverage limits for residential properties to $750,000, which aligns with the needs of affected residents while maintaining coverage limitations for commercial properties.

The memorial emphasizes the importance of these changes in providing critical relief to homeowners in high-risk areas, particularly in Lincoln County, and highlights the urgency for the Office of Superintendent of Insurance to expedite the approval process. Delays in approval 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 for swift action to enable residents to secure necessary policies and begin the rebuilding process.