New Mexico Insurance Commissioner Franchini to Retire

New Mexico’s top insurance regulator is stepping down.

The Albuquerque Journal reported that state Superintendent John Franchini has withdrawn his application to serve a third four-year term and instead plans to retire. His term ends Dec. 31.

A nine-member state nominating committee has already begun screening applicants for the position. There are eight remaining candidates.

Franchini worked in the insurance industry for 35 years before becoming superintendent in 2010.