New Mexico insurance regulator says no to dividend freeze

SANTA FE, N.M. (AP) — New Mexico's top insurance regulator says he will not put a freeze on insurance provider payments to investors and parent companies while auditors investigate how much the state is owed in unpaid premium taxes. New Mexico Insurance Superintendent John Franchini said Thursday that he has so far declined a request from the state auditor to suspend approval of certain dividend payments by insurance providers. State Auditor Tim Keller is urging insurance regulators to pause the dividend approvals as a precaution while authorities await results of an independent audit of unpaid premium taxes dating back to 2000. A preliminary audit turned up at least $193 million in possible underpayments by five top insurance companies. Franchini says he is asking the State Auditor's Office to supply information that motivated its request.