Audit finds big problems at state insurance office

An audit of the embattled Office of the Superintendent of Insurance could not offer an opinion on the fiscal health of the department because of a lack of information. On Wednesday, the New Mexico Office of the State Auditor released the most recent OSI audit. “The annual audit highlights areas throughout the agency where safeguards of public funds are not adequate or existing rules aren’t being enforced,” State Auditor Tim Keller said in a statement. “These are critical areas that concern the collection and administration of hundreds of millions of our tax dollars each year. They need to be addressed for the financial health of our state.

Guv, OSI say they didn’t send letter calling for ACA replacement

Both Gov. Susana Martinez and the Office of the Superintendent of Insurance say they did not send a letter to Republicans in Congress and others about the Affordable Care Act. Congressional Republicans have been talking about repealing ACA, also known as Obamacare, in the coming year under President-elect Donald Trump. They’re debating whether to pass a repeal along with an immediate replacement or to repeal then pass a replacement plan later. PoliticoPro, a subscription service, first reported that Martinez and Superintendent of Insurance John Franchini sent a letter urging Congressional Republicans not to repeal the law without a replacement set up. A later report, again from PoliticoPro, said Martinez’s office denied sending the letter.

Three agencies question OSI’s plan to collect $193 million owed to state

Three state agencies expressed a lack of confidence Thursday in the Office of the Superintendent of Insurance’s (OSI) ability to collect millions of dollars back taxes owed to the state from health insurance companies. State Auditor Tim Keller, Department of Finance and Administration State Budget Division Director A.J. Forte and Legislative Finance Committee Deputy Director Charles Sallee all expressed doubts in OSI’s plans to collect an estimated $193 million that it failed to collect from premium health insurance taxes from 2010 through 2015. The comments came at an interim Legislative Finance Committee hearing. “I think it’s very notable there are three oversight agencies looking at this,” Forte told state lawmakers. “There are too many inconsistencies for me to feel comfortable in this process.”

The controversy began when Keller’s office revealed the uncollected revenue in a special audit earlier this year.

Insurance company leaving individual NM HIX market at end of year

Blue Cross Blue Shield of New Mexico will not be offering individual plans on the New Mexico Health Insurance Exchange in 2016 after the Superintendent of Insurance rejected a large requested pay hike. Albuquerque Business First reported the news and it comes just weeks after the company requested approval for a premium rate increase. The insurance company had requested a 51.6 percent premium rate hike, but the Office of the Superintendent of Insurance rejected the proposal earlier this month. The move will impact 35,000 individuals who bought insurance from the company both directly and through the exchange. Those who have BCBSNM insurance plans from other plans will not be impacted.