Laws Revamp New Mexico Regulatory Agency, Insurance Office

Gov. Susana Martinez has approved measures revamping the Public Regulation Commission, including increasing qualifications for future members.

Bills signed into law on Friday will transfer the registration of corporations to the secretary of state’s office from the PRC and establish an independent office to regulate insurance rates and policies. Voters approved constitutional amendments in November to require the PRC changes.

Future PRC candidates or appointees must have at least 10 years of professional experience in a field related to the agency, such as finance, law and government administration, or that much combined experience and higher education.

The standards won’t apply to the current five PRC members, who need only to be 18 years old and state residents.

Another new law eases regulation of taxis, shuttles and in-state moving companies.