Sections 109 through 120 [52-8-1 to 52-8-12 NMSA 1978] of this act may be cited as the “Self-Insurers’ Guarantee Fund Act”. History: Laws 1990 (2nd S.S.), ch. 2, § 109. ANNOTATIONS Effective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 109 effective January 1, 1991. […]
A. If certification of a self-insurer is withdrawn by the director, the private employer shall not be considered a self-insurer during any appeal of that determination. The private employer shall therefore obtain any necessary coverage from other sources pending resolution of the appeal. B. Certification of a self-insurer may be withdrawn by the director in […]
The director shall adopt rules and regulations that he determines are necessary or appropriate to fulfill the purposes of and implement the provisions of the Self-Insurers’ Guarantee Fund Act including requiring adequate accountability of the collection and disbursement of money in the fund. History: Laws 1990 (2nd S.S.), ch. 2, § 119. ANNOTATIONS Effective dates. […]
A. The regulations adopted by the director to determine whether a private employer is financially solvent and does not need insurance coverage under Section 52-1-4 NMSA 1978 shall remain in effect until superceded by regulations adopted by the director pursuant to the Self-Insurers’ Guarantee Fund Act. The director may require a self-insurer to provide a […]
The purpose of the Self-Insurers’ Guarantee Fund Act is to provide a guarantee fund for self-insurers to protect the workers and the families of workers employed by self-insurers who become insolvent. The Self-Insurers’ Guarantee Fund Act is designed to help ensure the integrity and financial health of the workers’ compensation and occupational disease disablement system […]
As used in the Self-Insurers’ Guarantee Fund Act: A. “benefits” means any benefits to which a worker may be entitled under the provisions of the Workers’ Compensation Act [Chapter 52, Article 1 NMSA 1978], the Subsequent Injury Act or the New Mexico Occupational Disease Disablement Law [52-3-1 NMSA 1978]; B. “board” means the board of […]
Every private, individual certified self-insurer shall be a general member of the commission and shall comply with the provisions of the Self-Insurers’ Guarantee Fund Act. History: Laws 1990 (2nd S.S.), ch. 2, § 112. ANNOTATIONS Effective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 112 […]
A. The “self-insurers’ guarantee fund commission” is created as a nonprofit, independent, public corporation for the purpose of administering the Self-Insurers’ Guarantee Fund Act. The commission shall not be considered either a state agency or an insurance company. B. The commission shall have a board of directors which shall consist of five members. Four members […]
A. The board may: (1) purchase insurance or reinsurance as is necessary to insure any potential liabilities to the fund; (2) provide for the imposition of assessments to ensure the financial stability of the fund; and (3) adopt bylaws and rules necessary to carry out the functions of the commission. B. Except for intentional acts […]
A. Each certified self-insurer shall contribute to a fund to be known as the “self-insurers’ guarantee fund”. The fund shall be used as a last resort to provide benefits to workers and the families of workers of self-insurers who become insolvent and otherwise unable to meet their financial obligations. The board shall determine, subject to […]
A. The fund may be used to pay benefits to the worker or legal representative of the worker that are required of the self-insurer who becomes insolvent and otherwise unable to meet his financial obligations, provided that the injury or death occurred on or after January 1, 1992, or, in the case of an occupational […]
A. The board may recommend to the director that a private employer be terminated as a self-insurer. The director may also terminate a self-insurer at his own initiative. B. In the case of termination, the fund shall remain liable for future compensation for injuries and diseases to workers of the private employer that occurred prior […]
