Superintendent of Insurance Recovers Over $50 Million

Monday, February 12th, 2018

Beginning in 2014, New Mexico Insurance Superintendent John G. Franchini had concerns regarding premium tax collection and expressed a need to take a comprehensive look into the process and tax filings by insurance companies. After a 2016 limited-scope audit revealed potential issues and areas of correction needed, the Office of Superintendent of Insurance (OSI) worked with the Office of the State Auditor (OSA), the Legislative Finance Committee, and the Department of Finance and Administration to proceed with an independent audit. Released in October 2017, the resulting reports revealed 13 of the 30 companies owed additional premium taxes. The in-depth analysis into premium tax collection provided resolution to Franchini’s requests for an independent examination of the process to determine under/overpayments, identify areas of improvements needed, and ultimately establish a solid, vetted collection methodology. “Our office has worked diligently to abide by the statutes and by the guidance of both the OSA and Examination Resources to complete and improve the premium tax collection process and bring resolution to this chapter. With over $50 million collected to-date and only one company still outstanding, we have been able to resolve 98 percent of the underpayments due to the State of New Mexico,” said Franchini.

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