A. The "insurance nominating committee" is created and consists of nine members, including:
(1) four members who are selected by the New Mexico legislative council as follows:
(a) two members who shall represent the interests of the insurance industry;
(b) two members who shall represent the interests of insurance consumers and who have experience advocating on behalf of consumers or the public interest on insurance issues. These consumer members shall not be employed by or on behalf of or have a contract with an employer that is regulated by the office of superintendent of insurance; and
(c) no more than two of the four members shall be from the same political party;
(2) four members who are selected by the governor as follows:
(a) two members who shall represent the interests of the insurance industry;
(b) two members who shall represent the interests of insurance consumers and who have experience advocating on behalf of consumers or the public interest on insurance issues. These consumer members shall not be employed by or on behalf of or have a contract with an employer that is regulated by the office of superintendent of insurance; and
(c) no more than two of the four members shall be from the same political party; and
(3) a ninth member who shall be chair of the committee and who shall be selected by a majority of the other eight members; provided that the member shall:
(a) not be a candidate for the position of superintendent of insurance; and
(b) be either a former New Mexico superintendent of insurance or another person with extensive knowledge of insurance regulation in New Mexico, but does not have, nor have a spouse or child who has, any direct financial interest in an insurer, insurance agency or insurance transaction except as a policyholder or a claimant under a policy or as an owner of less than one percent of the shares of an insurer that is a publicly traded corporation.
B. A vacancy on the committee shall be filled by the original appointing authority for the remainder of the term.
C. A committee member shall:
(1) be a resident of New Mexico;
(2) serve a four-year term; except that a member of the first committee appointed shall serve for a term that ends on June 30, 2015; and
(3) serve without compensation, but shall be eligible to receive per diem and mileage pursuant to the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978].
D. The committee is subject to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978] and the Open Meetings Act [Chapter 10, Article 15 NMSA 1978]. Individual members of the committee are subject to the Governmental Conduct Act [Chapter 10, Article 16 NMSA 1978] and the Financial Disclosure Act [Chapter 10, Article 16A NMSA 1978].
E. The committee shall convene within ninety days in anticipation of the occurrence of a vacancy in the superintendent position or the expiration of a superintendent's term of office.
F. Upon the occurrence of a vacancy in the superintendent position, or after the conclusion of the superintendent's term, the chair of the committee may appoint an interim superintendent who shall serve until a successor is duly qualified.
G. The committee shall actively solicit, accept and evaluate applications from qualified individuals for the position of superintendent and may require an applicant to submit any information it deems relevant to the consideration of the individual's application.
H. The committee shall appoint the superintendent by a vote of a majority of all members of the committee.
I. The committee shall meet no less often than annually.
J. The committee is administratively attached to the office of superintendent of insurance. The office of superintendent of insurance shall provide staff for the committee.
K. An employee of the office of superintendent of insurance who serves as staff for the committee shall not reveal to any person, except another committee staff person, any requests or statements disclosed in confidence by a committee member, except that this restriction shall not apply to any disclosure that is:
(1) protected under the Whistleblower Protection Act [10-16C-1 to 10-16C-4 NMSA 1978]; or
(2) required by law.
History: Laws 2013, ch. 74, § 15; 2015, ch. 11, § 4; 2020, ch. 63, § 2.
ANNOTATIONSThe 2020 amendment, effective May 20, 2020, provided for an interim superintendent of insurance in the event of a vacancy in the position of superintendent; in Subsection E, after "ninety days", deleted "prior to the date on which the term of a superintendent ends and shall appoint a superintendent within sixty days of convening" and added "in anticipation of the occurrence of a vacancy in the superintendent position or the expiration of a superintendent's term of office"; and in Subsection F, after "vacancy in the superintendent position", deleted "the committee shall convene within thirty days of the date of the vacancy and shall appoint a successor to fill the remainder of the superintendent's term within sixty days of convening" and added "or after the conclusion of the superintendent's term, the chair of the committee may appoint an interim superintendent who shall serve until a successor is duly qualified".
The 2015 amendment, effective June 19, 2015, provided additional duties for, and the process for appointing, members of the insurance nominating committee, clarified that individual members of the insurance nominating committee are subject to the Governmental Conduct Act and the Financial Disclosure Act, and administratively attaches the insurance nominating committee to the office of superintendent of insurance; in the catchline, added "duties; administrative attachment"; added Subsection B relating to vacancies on the insurance nominating committee and redesignated former Subsections B, C, D and E as Subsections C, D, E and F respectively; in Subsection C, Paragraph (3), after "shall be", deleted "reimbursed for expenses incurred in pursuit of the member's duties on the committee" and added "eligible to receive per diem and mileage"; in Subsection D, after "committee", deleted "and individual members shall be" and added "is", after "subject to", deleted "the Governmental Conduct Act", after "Public Records Act", deleted "the Financial Disclosure Act", and added the last sentence; deleted "A regular session of" preceding the new Subsection E, and after "convene", deleted "ninety days prior to the date of the initial term of the superintendent and thereafter" and added "within", and after "shall", deleted "conclude on the date that the initial superintendent or next superintendent takes office. The committee shall select" and added "appoint"; in Subsection F, after "date of", deleted "the beginning of", and after vacancy, deleted "for a special session"; deleted former Subsection F relating to vacancies on the insurance nominating committee; and deleted Subsections H and I and added new Subsections H, I, J and K.
Temporary provisions. — Laws 2013, ch. 74, § 39, effective March 29, 2013, provided:
A. Within fifteen days of the effective date of this act, if it is adopted with an emergency clause, or as soon as practicable otherwise, the governor and the New Mexico legislative council shall appoint their members to the insurance nominating committee.
B. The insurance nominating committee shall pursue its duties on a foreshortened schedule as necessary to select a superintendent of insurance by July 1, 2013.