New Mexico Statutes 52-9-16. Powers of president
In conducting the business and affairs of the company, the president may, subject to restrictions imposed by the board, carry out the policies and procedures established by the board and may:
Terms Used In New Mexico Statutes 52-9-16
- Contract: A legal written agreement that becomes binding when signed.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A. enter into contracts of workers’ compensation and employer’s liability insurance; B. sell annuities covering workers’ compensation and employer’s liability insurance;
C. decline to insure any risk that does not meet the minimum underwriting standards established by the board;
D. reinsure any risk or a part of a risk;
E. cause the payrolls or other operations of employers applying for insurance to the company to be inspected and audited;
F. make rules for the settlement of claims against the company;
G. contract, on the same basis as insurers, with health care providers, as defined in Section 52-4-1 N.M. Stat. Ann., for the treatment and care of workers entitled to benefits from the company;
H. make safety inspections of risks and furnish advisory services to employers on safety and health measures;
I. act for the company in collecting and disbursing money necessary to administer the company and conduct its business;
J. sign contracts and incur obligations, including revenue bonds, on behalf of the company;
K. perform all acts necessary to exercise power, authority or jurisdiction over the company to discharge its functions and fulfill its responsibilities, including the establishment of premium rates; and
L. conduct all business and affairs and perform all acts in carrying out his duties whether or not specifically designated in the Employers Mutual Company Act.