New Mexico § 52-5-4.1 - Qualifications to be a self-insurer; certification; application; fee

§ 52-5-4.1. Qualifications to be a self-insurer; certification; application; fee

A. The director shall adopt rules and regulations to determine the qualifications

necessary to be a self-insurer. To qualify to be a self-insurer, a private employer must show to the satisfaction

of the director that the employer is financially solvent and that providing workers'

compensation and occupational disease disablement insurance coverage is unnecessary. The director shall consider the employer's financial ability to pay promptly workers'

compensation and occupational disease disablement benefits and assessments that may

be imposed under the Self-Insurers' Guarantee Fund Act. B. The director shall certify each private employer who qualifies to be a self-insurer. C. Each application for certification as a self-insurer shall be accompanied by payment

of a fee not to exceed one hundred fifty dollars ($150). The fee shall be set by the director as necessary to cover the administrative costs

of evaluating the applicants' qualifications. The fee shall be deposited in the workers' compensation administration fund. D. Any employer formerly certified as a self-insurer who ceases to be certified may

not apply again for certification until three years after certification ceases.