Section 52-9-22 – Marketing.
A. Pursuant to rules adopted by the board, the company, private independent insurance agents licensed to sell workers’ compensation insurance in New Mexico and any insurance association acting as a general agent, provided the association has at least one hundred members, may sell insurance coverage for the company. The board shall establish a standard agency […]
Section 52-9-23 – Annual report.
The president shall submit an annual, independently audited report, in accordance with procedures governing annual reports adopted by the national association of insurance commissioners, by October 1 of each year to the governor, the legislative finance committee and any other appropriate legislative committee indicating the business done by the company during the previously completed fiscal […]
Section 52-9-24 – Loan fund created.
There is hereby created in the state treasury a fund to be known as the “employers mutual company loan fund”. History: Laws 1990 (2nd S.S.), ch. 2, § 144. ANNOTATIONS Effective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 144 effective January 1, 1991.
Section 52-9-25 – Authorization to issue revenue bonds.
A. In order to provide funds for the continued development and operation of the employers mutual company, the board of directors of the company is authorized to issue revenue bonds from time to time, in a principal amount outstanding not to exceed ten million dollars ($10,000,000) at any given time, payable solely from premiums received […]
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 52-9-1 – Short title.
Sections 121 through 144 [52-9-1 to 52-9-24 NMSA 1978] of this act may be cited as the “Employers Mutual Company Act”. History: Laws 1990 (2nd S.S.), ch. 2, § 121. ANNOTATIONS Effective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 121 effective January 1, 1991. […]
Section 52-9-2 – Findings and purpose.
A. The legislature finds that the cost, service and benefits of workers’ compensation and occupational disease disablement insurance are of utmost importance to the health, welfare and economic well-being of all the citizens of New Mexico. To help provide competitive workers’ compensation insurance coverage, the legislature enacts the Employers Mutual Company Act. B. The legislature […]
Section 52-9-3 – Definitions.
As used in the Employers Mutual Company 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 and the New Mexico Occupational Disease Disablement Law [52-3-1 NMSA 1978]; B. “board” means the board of […]
Section 52-9-4 – Employers mutual company created; organized as a domestic mutual insurance company.
The “employers mutual company” is created as a nonprofit, independent, public corporation for the purpose of insuring employers against the risk of liability for payment of benefits claims to workers. The company shall be organized as a domestic mutual insurance company and shall be domiciled in a class A county. History: Laws 1990 (2nd S.S.), […]
Section 52-9-5 – Company’s board of directors; appointment; powers.
A. The company’s board of directors shall consist of the president and eight members appointed or elected as provided in this section. B. Each director shall hold office until a successor is appointed or elected and begins service on the board. C. The governor shall appoint, with the consent of the senate, the initial eight […]