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 […]
Section 52-8-10 – Withdrawal of certification; grounds.
A. If certification of a self-insurer is withdrawn by the director, the private employer shall not be considered a self-insurer during any appeal of that determination.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 B. Certification of a self-insurer may be withdrawn by the director in […]
Section 52-8-11 – Rules and regulations.
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. […]
Section 52-8-12 – Regulations remain in effect; initial commission general members.
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is financially solvent and does not need insurance coverage under Section 52-1-4 NMSA 1978 shall remain in effect until superceded by regulations adopted by the director pursuant to the Self-Insurers’ Guarantee Fund Act.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 […]
Section 52-8-2 – Purpose.
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 […]
Section 52-6-19 – Premium payment; reserves.
A. Each group shall establish to the satisfaction of the director a premium payment plan that shall include: (1) an initial payment by each member of at least twenty-five percent of that member’s annual premium before the start of the group’s fund year; and (2) payment of the balance of each member’s annual premium in […]
Section 52-6-20 – Deficits and insolvencies.
A. If the assets of a group are at any time insufficient to enable the group to discharge its legal liabilities and other obligations and to maintain the reserves required of it under the Group Self-Insurance Act, it shall forthwith make up the deficiency or levy an assessment upon its members for the amount needed […]
Section 52-6-21 – Monetary penalties.
After notice and opportunity for a hearing, the director may impose a monetary penalty on any person or group found to be in violation of any provision of the Group Self-Insurance Act or of any rules or regulations promulgated thereunder. The monetary penalty shall not exceed one thousand dollars ($1,000) for each act or violation […]