44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

PROPOSING AN AMENDMENT TO THE CONSTITUTION OF NEW MEXICO TO PROVIDE FOR THE REGULATION OF INSURANCE BY AN ELECTED COMMISSIONER OF INSURANCE.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. It is proposed to amend Article 11, Section 2 of the constitution of New Mexico to read:

"The public regulation commission shall have responsibility for chartering and regulating business corporations in such manner as the legislature shall provide. The commission shall have responsibility for regulating public utilities, including electric, natural gas and water companies; transportation companies, including common and contract carriers; transmission and pipeline companies, including telephone, telegraph and information transmission companies; [insurance companies and others engaged in risk assumption;] and other public service companies in such manner as the legislature shall provide."

Section 2. It is proposed to amend Article 11 of the constitution of New Mexico by adding a new Section 3 to read:

"The "commissioner of insurance" is created. The commissioner shall be elected for a term of six years beginning on January 1 of the year following the election. After serving two terms, a commissioner shall be ineligible to hold office as the commissioner of insurance until one full term has intervened. No commissioner or candidate for commissioner shall accept anything of value from a person or entity whose activities are regulated by the commissioner of insurance. The commissioner of insurance shall regulate the activities of the insurance industry in such manner as the legislature shall provide."

Section 3. The provisions of Section 1 of this amendment shall take effect January 1, 2003.

Section 4. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date which may be called for that purpose.