New Mexico § 52-6-2 - Definitions

§ 52-6-2. Definitions

As used in the Group Self-Insurance Act: A. “ administrator ” means an individual, partnership or corporation engaged by a group's board of trustees

to carry out the policies established by that board and to provide day-to-day management

of the group; B. “ group ” means a not-for-profit unincorporated association consisting of two or more public

hospital employers or private employers that are engaged in the same or similar type

of business, are members of the same bona fide trade or professional association that

has been in existence for not less than five years and that enter into agreements

to pool their liabilities for workers' compensation benefits; except that public

hospital employers shall segregate their accounting records and investment accounts

from those of private employers in accordance with applicable state law; C. “ insolvent ” means that a group is unable to pay its outstanding lawful obligations as they mature

in the regular course of business, as shown both by having an excess of required reserves

and other liabilities over assets and by not having sufficient assets to reinsure

all outstanding liabilities after paying all accrued claims owed; D. “ net premium ” means premium derived from standard premium adjusted by any advance premium discounts; E. “ private employer ” means every employer that is not a public employer or a public hospital employer; F. “ public employer ” means the state of New Mexico or any of its branches, agencies, departments, boards,

instrumentalities or institutions and all school districts and all political subdivisions

of the state or any of their agencies, instrumentalities or institutions. “Public employer” does not include a public hospital employer; G. “ public hospital employer ” means any local, county, district, city-county or other public hospital or health-related

facility, whether operating in wholly or partially owned or leased premises; H. “ service company ” means a person or entity that provides services not provided by the administrator,

including claims adjustment; safety engineering; compilation of statistics and the

preparation of premium, loss and tax reports; preparation of other required self-insurance

reports; development of members' assessments and fees; and administration of a claim

fund; I. “ standard premium ” means the premium derived from the manual rates adjusted by experience modification

factors but before advance premium discounts; J. “ superintendent ” means the superintendent of insurance; and K. “ workers' compensation benefits ” means benefits pursuant to the Workers' Compensation Act or the New Mexico Occupational

Disease Disablement Law.