Constitutional Amendments (Arguments For and Against) Abridged

Brief Analysis of Proposed Constitutional Amendment 4:  Independent Office of Superintendent of Insurance

2012

Constitutional Amendment 4 proposes to amend Article 11 of the Constitution of New Mexico to create an Office of the Superintendent of Insurance, thereby removing the duty of the Public Regulation Commission ("PRC") to regulate insurance companies and others engaged in risk assumption in the state. The amendment would also establish an Insurance Nominating Committee to evaluate applicants and appoint the Superintendent of Insurance based upon qualifications for the position established by the Legislature. Additionally, the Legislature would be allowed to establish the manner in which the Office of the Superintendent of Insurance may regulate the state's insurance industries, and the Legislature would determine the manner of appointing, and the required qualifications for, the members of the Insurance Nominating Committee.