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 […]
Section 52-9-6 – Board; directors as appointed public officials of state; excluded from personal liability.
Directors are appointed public officials of the state while carrying out their duties and activities under the Employers Mutual Company Act. The directors and the employees of the company are not liable personally, either jointly or severally, for any debt or obligation created or incurred by the company or for any act performed or obligation […]
Section 52-9-7 – President.
The company is under the administrative control of the president. He shall be in charge of the day-to-day operation and management of the company. The board shall appoint the president, and he shall serve at the pleasure of the board. He shall receive compensation as set by the board. The president shall have proven successful […]
Section 52-9-8 – Exclusion of state’s liability.
The state shall not be liable for any obligations incurred by the company. History: Laws 1990 (2nd S.S.), ch. 2, § 128. ANNOTATIONS Effective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 128 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 52-8-6 – Board powers and duties; liability.
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 […]
Section 52-8-7 – Guarantee fund created; assessment for funding.
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 […]
Section 52-8-8 – Fund liability period for guarantee fund.
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 […]
Section 52-8-9 – Fund membership termination.
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 […]