Verbatim from the venue. The analyst must quote these, never paraphrase.
If legislation expressly setting or requiring dwelling coverage of at least $500,000 under the FAIR Plan Act or a successor state residual property insurance mechanism, or appropriating at least $10 million in state funds as a premium subsidy or catastrophe backstop for residential wildfire insurance is enacted in New Mexico before Aug 1, 2027, then the market resolves to Yes.
Enactment requires completion of all constitutional and legal requirements for the legislation to become binding law.
Standard legislation requiring executive approval: final passage by all required legislative bodies, executive signature OR becoming law despite executive inaction OR successful veto override, and satisfaction of any required waiting periods
Legislation not requiring executive approval: final passage and completion of required waiting periods
Constitutional amendments: passage with required supermajorities and completion of ratification processes
Executive orders: official signature, publication in official government records, and legal effectiveness
The following do NOT constitute enactment:
Legislative passage without completed executive action
Passage by only some required bodies
Provisional passage
Non-binding resolutions
Draft orders
Enactment occurs when all requirements are completed, regardless of pending judicial challenges.
early_close_conditionThis market will close and expire early if the law is enacted
Order book
Top of book, both sides expressed as YES prices.
Yes ask (no bid)SizeYes
ask1,16890¢
ask20081¢
ask1,89276¢
ask5075¢
ask54072¢
ask1,92371¢
ask90042¢
ask3,42640¢
spread1¢mid 40¢
bid4,06639¢
bid50038¢
bid4811¢
bid2,13110¢
bid7,7103¢
bid9,0702¢
bid12.1k1¢
Yes bid (no ask)SizeYes
Most recent first. Price is the YES side.
Time
Yes
No
Size
Taker
15d ago
38¢
62¢
18
no
28d ago
38¢
62¢
18
no
1mo ago
41¢
59¢
18
yes
event_ticker
KXLOCALLAW-NMFAIR-27AUG01
exchange_index0
expected_expiration_time2027-08-08T14:00:00Z
expiration_time2027-08-08T14:00:00Z
expiration_value
last_price_dollars0.3800
latest_expiration_time2027-08-08T14:00:00Z
liquidity_dollars0.0000
market_typebinary
no_ask_dollars0.6100
no_bid_dollars0.6000
no_sub_titleYes
notional_value_dollars1.0000
occurrence_datetime2027-08-01T14:00:00Z
open_interest_fp0.00
open_time2026-08-17T19:45:00Z
previous_price_dollars0.3800
previous_yes_ask_dollars0.4400
previous_yes_bid_dollars0.3900
price_level_structurelinear_cent
price_ranges1
[0]3
end1.0000
start0.0000
step0.0100
result
rules_primaryIf legislation expressly setting or requiring dwelling coverage of at least $500,000 under the FAIR Plan Act or a successor state residual property insurance mechanism, or appropriating at least $10 million in state funds as a premium subsidy or catastrophe backstop for residential wildfire insurance is enacted in New Mexico before Aug 1, 2027, then the market resolves to Yes.
rules_secondaryEnactment requires completion of all constitutional and legal requirements for the legislation to become binding law.
Standard legislation requiring executive approval: final passage by all required legislative bodies, executive signature OR becoming law despite executive inaction OR successful veto override, and satisfaction of any required waiting periods
Legislation not requiring executive approval: final passage and completion of required waiting periods
Constitutional amendments: passage with required supermajorities and completion of ratification processes
Executive orders: official signature, publication in official government records, and legal effectiveness
The following do NOT constitute enactment:
Legislative passage without completed executive action
Passage by only some required bodies
Provisional passage
Non-binding resolutions
Draft orders
Enactment occurs when all requirements are completed, regardless of pending judicial challenges.