New Mexico § 52-6-6 - Certificate of approval; termination

§ 52-6-6. Certificate of approval; termination

A. The certificate of approval issued by the director to a group authorizes the group

to provide workers' compensation and occupational disease disablement benefits. The certificate of approval remains in effect until terminated at the request of

the group or revoked by the director, pursuant to provisions of Section 52-6-23 NMSA 1978 . B. The director shall not grant the request of any group to terminate its certificate

of approval unless the group has insured or reinsured all incurred workers' compensation

or occupational disease disablement obligations with an authorized insurer under an

agreement filed with and approved in writing by the director. Such obligations shall include both known claims and associated expenses and claims

incurred but not reported and associated expenses. C. Subject to approval of the director, a group may merge with another group engaged

in the same or similar type of business only if the resulting group assumes in full

all obligations of the merging groups. The director may hold a hearing on the merger and shall do so if any party, including

a member of either group, so requests.