As used in the Workers' Compensation Assigned Risk Pool Law:
A. "board" means the governing board of the pool;
B. "commercial line insurer" means any foreign, alien or domestic stock or mutual insurer, or reciprocal or interinsurance exchange, or association or other corporation or organization authorized to transact workers' compensation insurance, commercial multiple peril insurance or commercial general liability insurance in this state. The superintendent may adopt rules and regulations to define commercial multiple peril insurance or commercial general liability insurance. For policy years beginning on or after January 1, 1994, "commercial line insurer" shall apply to workers' compensation only and shall not include commercial multiple peril insurance or commercial general liability insurance;
C. "person" means an individual, firm, association, corporation or a public or private agency or institution;
D. "policyholder" means a person or entity insured through or by the pool;
E. "pool" means the New Mexico workers' compensation assigned risk pool established pursuant to Section 59A-33-5 NMSA 1978;
F. "rejected risk" means an employer who is in good faith entitled to insurance but is unable to procure or retain insurance through ordinary methods in the voluntary market as evidenced by at least two written rejections. The term includes any legal entities that may be combined for experience-rating purposes according to the rules of the superintendent; and
G. "servicing carrier" means a person designated by the superintendent to issue a policy that evidences the insurance coverages provided to a rejected risk and to service the policyholder as provided in the Workers' Compensation Assigned Risk Pool Law.
History: Laws 1984, ch. 127, § 536; 1989, ch. 42, § 4; 1990 (2nd S.S.), ch. 2, § 95; 1993, ch. 201, § 2.
The 1993 amendment, effective June 18, 1993, added the second and third sentences in Subsection B; and inserted "Assigned Risk" in Subsection G.
Structure New Mexico Statutes
Article 33 - Workers' Compensation Insurance Contracts and Assigned Risks
Section 59A-33-1 - Assigned risk pool, short title.
Section 59A-33-2 - Scope of article.
Section 59A-33-4 - Definitions.
Section 59A-33-5 - Organization of assigned risk pool.
Section 59A-33-5.1 - Operation of pool.
Section 59A-33-5.2 - Pool deficit review.
Section 59A-33-6 - Powers of the pool; duty of member companies; servicing carriers.
Section 59A-33-7 - Assignment of risks by the pool.
Section 59A-33-8 - Issuance of policy; annual report.
Section 59A-33-9 - Rules and regulations.
Section 59A-33-9.1 - Policyholders' duty to disclose; ratings experience.
Section 59A-33-10 - Authority of superintendent.
Section 59A-33-11 - Safety rules prescribed by the pool.
Section 59A-33-12 - Appeal to superintendent.