New Mexico § 52-6-19 - Premium payment; reserves

Full text of New Mexico New Mexico Statutes Annotated § 52-6-19 — Premium payment; reserves, with citation guidance and answers to common questions.

§ 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 monthly or quarterly

installments during that fund year. B. Upon approval by the director, a group may establish an alternative premium payment

plan that shall include: (1) provision by each member of premium security by surety bond in an amount equal

to at least twenty-five percent of the member's annual premium; provided that the

surety bond shall be in a form acceptable to the group, shall be issued by a corporate

surety company authorized to transact business in this state and shall be effective

before the start of the group's fund year; and (2) payment by each member of the member's annual premium in monthly or quarterly

installments during the group's fund year. C. Each group shall establish and maintain actuarially appropriate loss reserves that

shall include reserves for: (1) known claims and associated expenses; and (2) claims incurred but not reported and associated expenses. D. Each group shall establish and maintain bad debt reserves based on the historical

experience of the group or other groups.

Frequently Asked Questions About New Mexico § 52-6-19

What does New Mexico Statutes Annotated § 52-6-19 cover?

Section 52-6-19 ("Premium payment; reserves") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite New Mexico § 52-6-19?

A common citation format is "New Mexico Statutes Annotated § 52-6-19" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of New Mexico law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.

How does New Mexico § 52-6-19 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.