SANTA FE, N.M. (AP) — As New Mexico prepares to enroll tens of thousands of people into health plans, the state is revamping the government regulator that oversees insurance prices and policies.
Under a constitutional change approved by voters this month, the regulation of insurance companies will no longer be a responsibility of the five-member elected Public Regulation Commission. Instead there will be an appointed regulator who will run the independent Office of the Superintendent of Insurance starting next July.
The changes are part of the most significant regulatory overhaul since the PRC was created by a 1996 constitutional amendment merging two regulatory agencies. If that wasn’t enough, the regulatory restructure comes as New Mexico and other states grapple with health insurance reforms required by a 2010 federal law.
It’s the job of the Legislature early next year to decide details of the new regulatory system. Lawmakers will determine the Login to read more