New Mexico eyes separate insurance dept

The bill says that the state Legislature would 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 appoints New Mexico’s insurance superintendents, who regulate insurance policies and rates. The commission can also remove superintendents with cause.

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.

See also:

• Higher Insurance Premiums Imposed for N.M. Workers
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