Section 22-29-11 – Expenditure of insurance proceeds for public schools.
Payment for a claim under property insurance coverage for property damage to public school facilities may be paid directly to the school district, or, pursuant to the Procurement Code [13-1-28 to 13-1-199 NMSA 1978], the insurance proceeds may be expended by the insurer to repair the damage. If the payment is made directly to the […]
Section 22-29-12 – Due process reimbursement.
The authority shall include due process reimbursement in its self-insured retention risk pool. Each year, the legislature shall authorize the board to collect the due process reimbursement premium from member districts and charter schools to cover the cost of due process reimbursement. From the authorization, the board shall allocate due process reimbursement premiums based on […]
Section 22-29-6 – Fund created; budget review; premiums.
A. There is created the “public school insurance fund”. All income earned on the fund shall be credited to the fund. The fund is appropriated to the authority to carry out the provisions of the Public School Insurance Authority Act. Any money remaining in the fund at the end of each fiscal year shall not […]
Section 22-29-7 – Authority; duties.
In order to effectuate the purposes of the Public School Insurance Authority Act, the authority has the power to: A. enter into professional services and consulting contracts or agreements as necessary; B. collect money and provide for the investment of the fund; C. collect all current and historical claims and financial information necessary for effective […]
Section 22-29-8 – Receipts and disbursements; issuance of warrants, purchase orders and contracts; deposit of funds.
A. All premiums and other money collected by the authority shall be deposited in the fund. Except as provided in Subsection F of Section 22-2-6.6 NMSA 1978 [22-29-6 NMSA 1978], funds shall be disbursed directly by the authority, but receipts and disbursements are subject to audit by the state auditor. Except as provided in that […]
Section 22-29-9 – Participation; waivers.
A. School districts and charter schools shall participate in the authority, unless the school district or charter school is granted a waiver by the board. B. In determining whether a waiver should be granted, the board shall establish minimum benefit and financial standards for the desired line of coverage. These minimum benefit and financial standards […]
Section 22-29-10 – Group insurance contributions.
A. Group insurance contributions for school districts, charter schools and participating entities in the authority shall be made as follows: (1) at least seventy-five percent of the cost of the insurance of an employee whose annual salary is less than fifteen thousand dollars ($15,000); (2) at least seventy percent of the cost of the insurance […]
Section 22-29-1 – Short title.
Chapter 22, Article 29 NMSA 1978 may be cited as the “Public School Insurance Authority Act”. History: 1978 Comp., § 22-2-6.1, enacted by Laws 1986, ch. 94, § 1; 1978 Comp., § 22-2-6.1, recompiled as § 22-29-1, by Laws 2003, ch. 153, § 72; 2005, ch. 274, § 17. ANNOTATIONS Repeals and reenactments. — Laws […]
Section 22-29-2 – Purpose of act.
The purpose of the Public School Insurance Authority Act is to provide comprehensive core insurance programs, including reimbursement coverage for the costs of providing due process to students with disabilities, for all participating public schools, school board members, school board retirees and public school employees and retirees by expanding the pool of subscribers to maximize […]
Section 22-29-3 – Definitions.
As used in the Public School Insurance Authority Act: A. “authority” means the public school insurance authority; B. “board” means the board of directors of the authority; C. “charter school” means a school organized as a charter school pursuant to the provisions of the Charter Schools Act [Chapter 22, Article 8B NMSA 1978]; D. “director” […]