Section 52-6-12 – Financial statements; other reports.
A. Each group shall submit to the director a statement of financial condition audited by an independent certified public accountant on or before the last day of the sixth month following the end of the group’s fiscal year. The financial statement shall be on a form prescribed by the director and shall include actuarially appropriate […]
Section 52-6-13 – Repealed.
History: Laws 1986, ch. 22, § 87; 1987, ch. 145, § 1; repealed by Laws 2021, ch. 65, § 38. ANNOTATIONS Repeals. — Laws 2021, ch. 65, § 38 repealed 52-6-13 NMSA 1978, as enacted by Laws 1986, ch. 22, § 87, relating to premium tax, effective July 1, 2021. For provisions of former section, […]
Section 52-6-14 – Subsequent injury fund.
A group shall be subject to the provisions of the Subsequent Injury Act. History: Laws 1986, ch. 22, § 88. ANNOTATIONS Compiler’s notes. — For the Subsequent Injury Act, see 52-2-1 NMSA 1978 and notes thereto.
Section 52-6-15 – Misrepresentation prohibited.
No person shall make a material misrepresentation or omission of a material fact in connection with the solicitation of membership of a group. History: Laws 1986, ch. 22, § 89.
Section 52-6-16 – Investments.
Funds not needed for current obligations may be invested by the board of trustees in accordance with the provisions of Chapter 59A, Article 9 NMSA 1978 applicable to investments, except that, notwithstanding the provisions of Section 59A-9-18 NMSA 1978: A. the board of trustees may make loans or investments not otherwise expressly permitted under Chapter […]
Section 52-6-17 – Rates; reporting.
A. Every group shall adhere to the uniform classification system, uniform experience-rating plan and manual rules filed with the superintendent by an advisory organization designated by the director. B. Premium contributions to the group shall be determined by applying the manual rates and rules to the appropriate classification of each member, which shall be adjusted […]
Section 52-6-18 – Refunds.
A. Any money for a fund year in excess of the amount necessary to fund all obligations for that fund year may be declared to be refundable by the board of trustees not less than twelve months after the end of the fund year. B. Each member shall be given a written description of the […]
Section 52-6-7 – Examinations.
The director may examine the affairs, transactions, accounts, records and assets and liabilities of each group as often as the director deems advisable. The expense of such examinations shall be assessed against the group in the same manner that insurers are assessed for examinations. History: Laws 1986, ch. 22, § 81; 1990 (2nd S.S.), ch. […]
Section 52-6-8 – Board of trustees; membership, powers, duties and prohibitions.
Each group shall be operated by a board of trustees that shall consist of not less than five persons whom the members of a group elect for stated terms of office. At least two-thirds of the trustees shall be employees, officers or directors of members of the group. The group’s administrator or service company, or […]
Section 52-6-1 – Short title.
Chapter 52, Article 6 NMSA 1978 may be cited as the “Group Self-Insurance Act”. History: Laws 1986, ch. 22, § 75; 1990 (2nd S.S.), ch. 2, § 66. ANNOTATIONS The 1990 (2nd S.S.) amendment, effective January 1, 1991, substituted “Chapter 52, Article 6 NMSA 1978” for “Sections 75 through 99 of this act”. Law reviews. […]