New Mexico Statutes 52-6-2. Definitions
As used in the Group Self-Insurance Act:
Terms Used In New Mexico Statutes 52-6-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
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 [N.M. Stat. Ann. Chapter 52, Article 1] or the New Mexico Occupational Disease Disablement Law [52-3-1 N.M. Stat. Ann.].