Lawyer: NM insurance boss suspended

Posted at: 01/18/2013 9:31 AM
By: The Associated Press

ALBUQUERQUE, N.M. (AP) - An attorney for the state's chief insurance regulator says his client has been given a 10-day unpaid suspension for missing a meeting with his soon-to-be ex-boss and for letting his employees leave work an hour early on Christmas.

Attorney Paul Kennedy told the Albuquerque Journal that the charges against John Franchini were not justified and called them "political attacks."

Kennedy says Franchini let his staff leave early on Christmas Eve because snow was degrading driving conditions on the roads Public Regulation Commission chief of staff Johnny Montoya, who will serve as interim superintendent, wouldn't say why Franchini was suspended, because it is a personnel matter.

State law gives the PRC the power to hire and fire the superintendent but no authority to regulate the insurance industry.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) 1/18/2013 9:27:36 AM (GMT -7:00)