New Mexico’s superintendent of insurance is saying an audit into his office’s failure to collect some $190 million in back taxes from insurers was based on incorrect data.
The Santa Fe New Mexican reported that in a letter Tuesday to state Attorney General Hector Balderas, Superintendent of Insurance John Franchini asked Balderas to review whether the accounting firm that performed the audit did all the work it was required to do under its contract.
Franchini argues that Clifton, Larson & Allen, the accounting firm, used incorrect data in its analysis and that the files the firm reviewed were not verified as complete or accurate.
State Auditor Tim Keller says Franchini’s request is misguided and that he instead should be focused on recovering the overdue funds.
Was this article valuable?
Here are more articles you may enjoy.
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms 
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
IMA Latest to Sue Howden Over Alleged Employee Poaching 
Space Startups Seek Insurance for Orbital AI Data Centers 
