A. The regulations adopted by the director to determine whether a private employer is financially solvent and does not need insurance coverage under Section 52-1-4 NMSA 1978 shall remain in effect until superceded by regulations adopted by the director pursuant to the Self-Insurers' Guarantee Fund Act. The director may require a self-insurer to provide a bond or other suitable financial instrument.
B. The initial general members of the commission shall be private employers certified as of January 1, 1992, as being financially solvent and not needing insurance coverage under Section 52-1-4 NMSA 1978.
History: Laws 1990 (2nd S.S.), ch. 2, § 120.
Effective dates. — Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 120 effective January 1, 1991.
Structure 2021 New Mexico Statutes
Chapter 52 - Workers' Compensation
Article 8 - Self-Insurers' Guarantee Fund Act
Section 52-8-4 - Scope of act.
Section 52-8-6 - Board powers and duties; liability.
Section 52-8-7 - Guarantee fund created; assessment for funding.
Section 52-8-8 - Fund liability period for guarantee fund.
Section 52-8-9 - Fund membership termination.
Section 52-8-10 - Withdrawal of certification; grounds.
Section 52-8-11 - Rules and regulations.
Section 52-8-12 - Regulations remain in effect; initial commission general members.