New Mexico Current Insurance Regulator to Remain in Office
State Insurance Superintendent John Franchini will remain New Mexico’s top insurance regulator when his office becomes an independent governmental agency next month.
A nine-member committee named Franchini on Wednesday to serve as insurance superintendent for a term expiring Dec. 31, 2015.
Franchini has been the state’s top insurance regulator since August 2010. However, voters approved a constitutional amendment last year to remove oversight of the insurance industry from the five-member elected Public Regulation Commission, which in the past selected the insurance superintendent.
The newly independent office will regulate insurance rates and policies starting July 1.
Franchini will be paid $101,000 a year.
A committee appointed by the governor and Legislature has the power to hire and fire the superintendent of insurance.
- Anxiety Over Gas Prices Points to ‘Looming EV Comeback’ in US
- Don’t Sweat the Heatwave, El Niño Is Cooking up Some Raucous Weather for California
- Before the Nuclear Verdict: Rethinking How Liability Claims Are Managed
- Golden Gate Sued Over Insurer’s $2.2 Billion Capital Shortfall
- The Nation’s Insurance Laboratory: What Liability Trends in California Mean for the Rest of the Country
- Florida Bans Flock Cameras, License Plate Readers From State Roads
- New Corgi, Liberate, VERVE Claims Tech. Do We Need New Acronyms?
- Credit Acceptance Reaches $710M Predatory Auto Lending Settlement With Most States