I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
Gov. Susana Martinez signed legislation Monday that will strengthen regulatory power by the state on health insurance premium increases. The legislation is in response to large increases requested last year by Blue Cross Blue Shield of New Mexico that were recently affirmed by the New Mexico Superintendent of Insurance.
“This bill will help ensure that consumers are getting a fair deal when insurance companies seek to increase their rates,” said Martinez in a statement announcing the bill’s signing. “It is important that the rate review process is as thorough and transparent as possible, especially during these difficult times when many families are cutting costs to make ends meet.”
In addition to strengthening regulations and regulatory power over insurance rate hikes, the law requires the insurance division to post an explanation of the reasons for a rate increase in plain English.
According to Veritas New Mexico, which first reported the affirmation of the Blue Cross Blue Shield increase, the rate increase averaged 21 percent for the approximately 40,000 New Mexicans with the insurance provider. For many, the increase approaches 30 percent.
The Blue Cross Blue Shield of New Mexico rate increase came despite a lack of documentation for financial losses the company cited when asking for a rate increase.
The rate increases were nothing new for the company. Rate increases had been approved every year since 2004.
The Independent reported last year that the National Association of Insurance Commissioners, a national crediting organization, criticized the New Mexico insurance division for poor industry oversight.
