Commentary: Superintendent of Insurance John G. Franchini has been reappointed for four years by the Insurance Nominating Committee in a unanimous show of approval for the progress that has been made under his leadership. The Nominating Committee is comprised of nine members - four appointed by the governor of New Mexico, four appointed by the New Mexico Legislature, and a chairperson chosen by the other eight committee members.
This is the third appointment for Superintendent Franchini. He was originally selected in July 2010 when the New Mexico Public Regulation Commission managed the Division of Insurance. Voters approved a constitutional amendment that created an independent Office of Superintendent of Insurance in July 2013, and Franchini was named to head the new agency through December 31, 2015. After several open meetings, a thorough vetting process, and comments from industry members and the public, the Nominating Committee voted at their March 10, 2016 meeting to reappoint Franchini for the term ending December 31, 2019.
Nominating Committee Chairman Roger Buelow expressed his support for Franchini saying, “The Superintendent’s deep respect for the industry and consumers of New Mexico is apparent through the dedication he has shown over the last several years. The progress that the Office of Superintendent of Insurance has made is to be commended, with a commitment to furthering transparency and protections through the use of extensive reviews, technology, and public outreach. I look forward to watching the growth of the Office of Superintendent of Insurance over the next four years.”
“I appreciate the continued confidence and responsibility placed in me by the Insurance Nominating Committee,” Superintendent Franchini said. “Safeguarding the interests of New Mexico policyholders will continue to be at the forefront as we improve efficiency throughout our department. We also plan to streamline our regulatory processes so it will be less cumbersome for insurers to offer quality, affordable coverage to our citizens.”