A recent development is a signal NAIC has taken it regulatory reach to a new level.
SANTA FE, N.M., Feb. 19 -- The New Mexico Public Regulation Commission issued the following news release:
The Public Regulation Commission's Insurance Division has licensed the first new company to do business in the state insurance exchange.
New Mexico Health Connections (NMHC) will begin serving customers in the exchange and in commercial markets statewide this October, with coverage starting Jan. 1, 2014.
A non-profit cooperative activated under the Patient Protection and Affordable Care Act (PPACA), NMHC emphasizes cost-effective approaches that underscore the importance of primary care as a tool to preempt expensive long-term medical treatment.
New Mexico Insurance Superintendent John G. Franchini said NMHC's consumer-friendly policies are aboon to insurance buyers, particularly those living in rural communities where health insurance option shave been limited in the past.
The licensing of a new regulated provider via the state exchange also represents an important economic shift in intrastate insurance commerce.
"Activating a new company like NMHC through the exchange is a groundbreaking step in transitioning to a much more robust health care model in the state under the new federal guidelines," Franchini said. "It represents change similar to that which took place in 1991 through revisions in workers' compensation reforms, where markets in New Mexico were expanded to combat what was seen as a shortage in the availability of affordable coverage for average citizens."
Franchini said NMHC is the first full-service health insurance company to enter the state insurance market since 2005.
For more information, contact the Insurance Division at 505-827-4601, or visit www.nmprc.state.nm.us.
TNS hc11-130220-4210774 StaffFurigay