State to Hire Auditor After Review Can't Account for $1.5 Million in Fraud Fund

Insurance regulators in New Mexico are planning to hire an auditor to review its accounting practices after an external review was unable to determine the whereabouts of $1.5 million collected from carriers in fiscal year 2016 to investigate insurance fraud. McHard Accounting Consulting LLC in Albuquerque on Sept. 15 hand-delivered to the Office of the Superintendent of Insurance results of its investigation that found a lack of appropriate accounting relating to the Insurance Fraud Fund created in 1978. All carriers authorized to transact business in the state pay at least $200 into the fund...