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.
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