Chapter 52, Chapter 52

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 the…

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, …

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 …

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.

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…

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 empl…

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.

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.

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 in…

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 l…

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. …

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 …

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 requi…

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…

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' com…

The company shall not receive any state appropriation. History: Laws 1990 (2nd S.S.), ch. 2, § 140.

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…

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…

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 ap…

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.

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…

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 L…

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…

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…

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, fo…

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 b…

The state shall not be liable for any obligations incurred by the company. History: Laws 1990 (2nd S.S.), ch. 2, § 128.

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…

A. A health care provider shall immediately release to a worker, that worker's employer, that employer's insurer, the appropriate peer review organization or the health care selection board all medical records, medical bills and other information concerning any health care or hea…