Franchini to remain insurance regulator [Albuquerque Journal, N.M.]

June 27--Insurance Superintendent John Franchini will continue to be the state's chief insurance regulator when a new, independent Office of the Superintendent of Insurance replaces the insurance division of the state Public Regulation Commission on Monday.

Eight members of a nominating committee created by legislation establishing the new office unanimously voted Wednesday to hire Franchini after he said his wife would resign her position as an underwriter with the Independent Insurance Agents of New Mexico. An attorney general's opinion, requested by the committee, said Julie Franchini's position constitutes a conflict of interest.

The PRC appointed Franchini superintendent in July 2010. Voters in 2012 approved a constitutional amendment removing insurance regulation from the PRC and establishing the independent superintendent's office. Franchini was one of five candidates the nominating considered to run the new office. His term of office expires Dec. 31, 2015.

Franchini has worked in the insurance industry for almost 40 years, most recently as vice president of government and industry affairs for New Mexico Mutual Group.

Franchini was vice president for Brown & Brown of N.M. and was in charge of new business production and development of specialized insurance from 1998 to 2002. Before that he was president and owner of Franchini Consolidated Agency, which he bought in 1984.

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