Farmers Insurance has submitted a filing in New Mexico to expand the set of underwriting companies participating in its Smart Plan Workers’ Compensation (SPWC) program. The filing was submitted on March 4, 2026 and is scheduled to take effect June 1, 2026 for both new and renewal business.
The update adds several Farmers-affiliated insurers to the workers’ compensation program, including Foremost Insurance Company, Foremost Property and Casualty Insurance Company, Foremost Signature Insurance Company, 21st Century North America Insurance Company, Farmers Direct Property and Casualty Insurance Company, and Farmers Property and Casualty Insurance Company, alongside Fire Insurance Exchange.
The filing also updates the Smart Plan Workers’ Compensation commercial manual covering rules, rates, and rating factors used to price policies in the state. These include payroll-based rating values, deductible options, experience rating eligibility thresholds, and other program parameters used to determine premium and eligibility.
The filing reflects an overall rate decrease of 3.17% for Fire Insurance Exchange within the program, affecting 453 policyholders and reducing written premium by roughly $28,000 based on current exposure.
Farmers’ Smart Plan Workers’ Compensation program allows businesses to receive premium credits when bundling workers’ compensation with other Farmers commercial policies such as a businessowners policy, commercial property policy, or liability policy. Additional discounts may be available through approved safety groups that maintain proactive workplace safety programs.
The manual maintains the program’s standard workers’ compensation rating structure, which includes experience rating eligibility thresholds, catastrophe and terrorism payroll charges, and deductible options designed to reduce premiums for employers willing to assume a portion of medical losses.
If approved, the update expands Farmers’ flexibility in placing risks across multiple affiliated carriers while maintaining a consistent workers’ compensation rating framework in New Mexico.
