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. […]
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 […]
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 […]
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.
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, […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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 […]
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 […]
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 […]
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.
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 […]
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 […]
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.), […]
