New Mexico Insurance Regulator Says Back Taxes Audit Inaccurate

November 21, 2016

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.

taxesState Auditor Tim Keller says Franchini’s request is misguided and that he instead should be focused on recovering the overdue funds.

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