New Mexico House Approves Insurance Regulator Overhaul
The House has approved a proposal for establishing an independent state office regulating the insurance industry in New Mexico.
The measure will implement a constitutional amendment approved by voters in November to remove insurance regulation from the Public Regulation Commission.
Under a bill unanimously approved by the House on Monday, a nine-member commission will appoint the superintendent of insurance.
Legislators will name four members of the commission, the governor will select four members and a ninth member will be appointed by the others on the commission.
The five-member PRC currently selects the state regulator overseeing insurance prices and policies
Under the proposal heading to the Senate, the insurance superintendent will serve four-year terms and can be removed by the commission for certain reasons, including incompetence and malfeasance in office.
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- Growing Progressive Set to Hire 10,000 for Claims, IT, Other Roles
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Apollo Accused in Lawsuit of Illegal Human Life Wagering Scheme
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape