New Mexico (NM)
The New Mexico Office of Superintendent
The New Mexico Office of Superintendent
of Insurance is committed to consumer protection and fraud prosecution and education.
The mission of Office of Superintendent of Insurance is to provide convenient access to consumers to reliable insurance products which are underwritten by dependable and financially sound companies. The strive to ensure that these companies have a proven history of fair and reasonable rates and are represented by trustworthy and qualified agents.
The Superintendent, in order to better supervise financial products and services, including those subject to the provisions of the Insurance Law and the Banking Law may take any actions necessary to:
- foster the growth of the financial industry in New York and spur state economic development through judicious regulation and vigilant supervision;
- ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services;
- ensure fair, timely and equitable fulfillment of the financial obligations of such providers;
- protect users of financial products and services from financially impaired or insolvent providers of such services;
- encourage high standards of honesty, transparency, fair business practices and public responsibility;
- eliminate financial fraud, other criminal abuse and unethical conduct in the industry; and
- educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and services.
John G. Franchini became Insurance Superintendent July 27, 2010. During the 2013 legislative session, legislation effectuating a Constitutional Amendment passed in the 2012 general election (HB 45) removed the insurance division from the PRC and created a stand-alone agency, The Office of Superintendent of Insurance (OSI). This was effective July 1, 2013.
Superintendent Franchini has more than 35 years’ experience in the insurance industry. Starting with working at his father’s independent insurance agency, while attending graduate school at the University of New Mexico. Ten years later, he purchased the business and expanded it to four locations, employing 82 people and servicing nearly 15,000 customers. During that time, he served on the New Mexico Workers’ Compensation Assigned Risk Pool Board of Governors, the Patient Compensation Administration Board of Directors, and was elected president of the Independent Insurance Agents of New Mexico. In 1998, Poe & Brown, a national insurance broker, purchased the business. Franchini was named vice president, and his responsibilities included new business production, development of specialized insurance programs, and agency acquisitions.
Franchini joined New Mexico Mutual in 2002 and was eventually named vice president of government and industry affairs. At New Mexico Mutual, he worked with state legislators, members of regulatory agencies and insurance agents to strengthen the company’s financial and public standing.
He is also a member of the Leadership New Mexico Class of 2007, former board member of the Rocky Mountain Insurance Information Association and past president of the New Mexico Insurance Association.
New Mexico Annuity Resources:The Consumer Assistance Bureau of the Office of Superintendent of Insurance ensures compliance of Insurance Statutes and Regulations under the New Mexico Insurance Code by all Insurance Companies, Agents, Adjusters, Third Party Administrators, and other insurance industry staff operating within the State. We provide consumers and the insurance company staff members with information regarding the policies and procedures involving insurance within New Mexico.
In assisting consumers, the Consumer Assistance Bureau accepts complaints who are having difficulty in dealing with insurance companies regarding policy applications, binding of policies, claim handling and other matters involving insurance. All inquiries or general questions pertaining to these types of insurance should be referred to the Insurance Assistance Bureau at 505-827-4601.
|State Commissioner:||John G. Franchini|
|Annuity Guarantee Limit:||$100,000|
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