Audit reveals unpaid New Mexico taxes by insurance companies

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SANTA FE, N.M. (AP) — An audit of unpaid insurance premium taxes shows that nearly $65 million is owed to the state of New Mexico by 17 insurance companies.

State Auditor Tim Keller released Tuesday the results of the audit of tax payments by 30 insurers from 2003 to 2016.

It found multimillion-dollar tax debts linked to erroneous overpayment credits. Health insurance companies improperly applied credits for support of a medical insurance pool for people who are denied insurance or considered uninsurable.

Keller said the audit lays the groundwork for the state to move forward with collecting overdue taxes and preventing future underpayments.

The audit could weigh in efforts by Attorney General Hector Balderas to recover millions of dollars from a for-profit insurance arm of Presbyterian Healthcare Services. Defendant Presbyterian Health Plan has denied wrongdoing.