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Measure Details

Removing the Duty to Regulate Insurance Companies and Others Engaged in Risk Assumption from the Public Regulation Commission

New Mexico Ballot Measure - Constitutional Amendment 4

Election: Nov. 6, 2012 (General)
Outcome: Passed

Categories:
Business and Consumers
Constitution
Government Operations

Yes
330,873
(50.75%)

Argument For

No
321,054
(49.25%)

Argument Against

Summary

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.

Measure Text

CONSTITUTIONAL AMENDMENT 4
Proposing to amend Article 11 of the Constitution of New Mexico to remove the regulation of insurance companies and others engaged in risk assumption from the public regulation commission and place it under a superintendent of insurance appointed by the insurance nominating committee as provided by law.

ENMIENDA CONSTITUCIONAL 4
Propone una enmienda al Artículo 11 de la Constitución de Nuevo Mexico para eliminar la regulación de compañías de seguros y otras envueltas en suposición de riesgo desde la comisión de regulación pública y ponerla bajo un superintendente de seguros asignado por el comité de nominación de seguros como provisto por la ley.

FOR / (A FAVOR)
AGAINST / (EN CONTRA)

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