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.
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