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Sat November 24, 2012
New Mexico Overhauling Insurance Regulation
As New Mexico prepares to enroll tens of thousands of people into health plans, the state is revamping its regulator that oversees insurance prices and policies.
Under a constitutional change approved by voters, insurance regulation will no longer be a responsibility of the five-member elected Public Regulation Commission. Instead, there will be an appointed regulator who runs the independent Office of the Superintendent of Insurance starting next July.
It's the job of the Legislature next year to decide details of the new regulatory system. Lawmakers will determine the membership of a commission that appoints the insurance superintendent and legislators must establish the qualifications for who serves as the top insurance regulator.
The overhaul comes as New Mexico establishes a state-run exchange to help the uninsured shop for health insurance.
Copyright 2012 The Associated Press.