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.