New Mexico Statutes 52-9-23. Annual report
The president shall submit an annual, independently audited report, in accordance with procedures governing annual reports adopted by the national association of insurance commissioners, by October 1 of each year to the governor, the legislative finance committee and any other appropriate legislative committee indicating the business done by the company during the previously completed fiscal year and containing a statement of the resources and liabilities of the company. The report shall include:
Terms Used In New Mexico Statutes 52-9-23
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
A. the volume of premiums insured through the company and its share of the workers’ benefits market in the state;
B. the percent division of the premium dollars among various types of benefit payments and administrative costs for policies and claims under the company;
C. the average rate of return enjoyed by the company on invested assets;
D. recommendations concerning desired changes in the company to promote its prompt and efficient administration of policies and claims;
E. recommendations to the legislature and the governor regarding the continued operation of the company; and
F. any other information the president deems appropriate.