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.
Section 52-9-21 – Exemption from and applicability of certain laws.
The company shall not be considered a state agency for any purpose. This includes exempting the company from all state personnel, salary and procurement statutes, rules and regulations. The insurance operations of the company are subject to all of the applicable provisions of the Insurance Code in the same manner as those provisions apply to […]
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 52-9-9 – Use of company assets.
The assets of the company shall be applicable to the payment of losses sustained on account of insurance issued by it and to the payment of salaries, dividends as provided in Sections 131 and 132 [52-9-11, 52-9-12 NMSA 1978] of this act and other expenses. History: Laws 1990 (2nd S.S.), ch. 2, § 129. ANNOTATIONS […]
Section 52-9-10 – Company to be competitive; safety incentives and penalties; loss control, case management and utilization review.
A. The company shall be competitive with other insurers of workers’ compensation and occupational disease disablement insurance. It is the expressed intent of the legislature that the company shall ultimately become self-supporting. For that purpose, loss experience and expense shall be ascertained, and dividends, credits or rate deviations may be made, as provided in the […]
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 […]