Section 52-9-11 – Annual accountings; possible dividends and credits.
The incurred loss experience and expense of the company shall be ascertained each year. If there is an excess of assets over liabilities, necessary reserves and a reasonable surplus for the catastrophe hazard, then a cash dividend may be declared to or a credit allowed to an employer who has been insured with the company […]
Section 52-9-12 – Amount of dividends or credits.
The cash dividend or credit to an employer shall be an amount that the board in its discretion considers appropriate. History: Laws 1990 (2nd S.S.), ch. 2, § 132. ANNOTATIONS Effective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 132 effective January 1, 1991.
Section 52-9-13 – Ability of company to transact workers’ benefits insurance.
Effective no later than January 1, 1992, the company shall transact insurance business to provide coverage for workers’ benefits and employers’ liability. History: Laws 1990 (2nd S.S.), ch. 2, § 133. ANNOTATIONS Effective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 133 effective January 1, […]
Section 52-9-14 – Investment counsel.
The company may retain an independent investment counsel. The board shall periodically review and appraise the investment strategy being followed and the effectiveness of such services. Any investment counsel retained or hired shall report at least once a month to the board on investment results and related matters. History: Laws 1990 (2nd S.S.), ch. 2, […]
Section 52-9-15 – Powers of company.
The company may: A. insure any New Mexico employer for workers’ compensation and employer’s liability coverage to the same extent as any other insurer; B. indemnify a New Mexico employer against his liability for workers’ compensation and employer’s liability coverage under the laws of any other state for New Mexico employees temporarily working outside this […]
Section 52-9-16 – Powers of president.
In conducting the business and affairs of the company, the president may, subject to restrictions imposed by the board, carry out the policies and procedures established by the board and may: A. enter into contracts of workers’ compensation and employer’s liability insurance; B. sell annuities covering workers’ compensation and employer’s liability insurance; C. decline to […]
Section 52-9-17 – Company audit.
The board shall cause an annual audit of the books of accounts, funds and securities of the company to be made by a competent and independent firm of certified public accountants, the cost of the audit to be a charge against the company. A copy of the audit report shall be filed with the superintendent […]
Section 52-9-18 – Company assets.
In addition to other provisions of law governing regulation of insurance companies, if the superintendent of insurance finds that the company does not own assets at least equal to all liabilities and required reserves together with the minimum basic surplus and free surplus required of a mutual casualty insurer by the Insurance Code, or that […]
Section 52-9-19 – Money and property of the company.
All premiums and other money paid to the company, all property and securities acquired through the use of money belonging to the company and all interest and dividends earned upon money belonging to the company and deposited or invested by the company are the sole property of the company and shall be used exclusively for […]
Section 52-9-20 – No state appropriation.
The company shall not receive any state appropriation. History: Laws 1990 (2nd S.S.), ch. 2, § 140. ANNOTATIONS Effective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 140 effective January 1, 1991.