House approves insurance regulator overhaul

SANTA FE, N.M. (AP) — 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.