N.M. Code R. § 11.4.12.13

Current through Register Vol. 35, No. 11, June 11, 2024
Section 11.4.12.13 - ASSESSMENTS
A. The fiscal year of the fund coincides with the fiscal year of the state.
B. Beginning with the calendar quarter ending September 30, 2004, and for each calendar quarter thereafter, there is assessed against each employer who is required or elects to be covered by the Workers' Compensation Act a fee equal to two dollars thirty cents ($2.30) per covered employee. Thirty cents per employee of the fee assessed against an employer shall be distributed to the credit of the uninsured employers' fund.
C. Penalties, pursuant to NMSA 1978, Section 52-1-61 for non-reporting, incorrect reporting or non-payment of assessments due shall accrue on a monthly basis, with each month of noncompliance constituting a separate offense.
(1) Penalties pursuant to this provision shall be in addition to any penalties imposed by the New Mexico department of insurance or the New Mexico taxation and revenue department.
(2) The director may seek any remedy available under law for enforcement of penalties imposed pursuant to this provision.
(3) The respondent shall pay costs incurred to enforce penalties.

N.M. Code R. § 11.4.12.13

11.4.12.13 NMAC - Rn, 11.4.12.11 NMAC, 12/23/05