A. Any money for a fund year in excess of the amount necessary to fund all obligations for that fund year may be declared to be refundable by the board of trustees not less than twelve months after the end of the fund year.
B. Each member shall be given a written description of the refund plan at the time of application for membership. A refund for any fund year shall be paid only to those employers who remain participants in the group for the entire fund year. Payment of a refund based on a previous fund year shall not be contingent on continued membership in the group after that fund year.
History: Laws 1986, ch. 22, ยง 92.
Structure New Mexico Statutes
Chapter 52 - Workers' Compensation
Article 6 - Group Self-Insurance
Section 52-6-4 - Authority to act as a group.
Section 52-6-5 - Initial approval and continued approval to act as a group; qualifications.
Section 52-6-6 - Certificate of approval; termination.
Section 52-6-7 - Examinations.
Section 52-6-8 - Board of trustees; membership, powers, duties and prohibitions.
Section 52-6-9 - Group membership; termination; liability.
Section 52-6-10 - Administrators and service companies; conflicts.
Section 52-6-11 - Licensing of agent.
Section 52-6-12 - Financial statements; other reports.
Section 52-6-14 - Subsequent injury fund.
Section 52-6-15 - Misrepresentation prohibited.
Section 52-6-16 - Investments.
Section 52-6-17 - Rates; reporting.
Section 52-6-19 - Premium payment; reserves.
Section 52-6-20 - Deficits and insolvencies.
Section 52-6-21 - Monetary penalties.
Section 52-6-22 - Cease and desist orders.
Section 52-6-23 - Revocation of certificate of approval.