N.M. Admin. Code § 13.12.4.10

Current through Register Vol. 35, No. 17, September 10, 2024

Section 13.12.4.10 - OTHER REQUIRED DOCUMENTS

The application shall be accompanied by the following documents:

A. a certified copy of the applicant's most recent audited financial statement; If the last audited statement is more than six months old, there shall be included an affidavit signed by the applicant's treasurer stating that there has been no material lessening of the tangible net worth or other adverse change since the date of the statement. If there has been such a material or adverse change since the date of the statement, an explanation shall be attached or a new statement prepared;

B. if the applicant is a corporation, a resolution adopted by the board of directors, in a form approved by the superintendent, authorizing and directing the corporation to undertake to self-insure itself and to comply with the rules of the superintendent;

C. if the applicant is a subsidiary corporation, a parental guarantee from the subsidiary's upper-most parent in a form acceptable to the superintendent. If the applicant is a brother-sister corporation applying as one self-insurer, mutual guarantees from each corporation in a form acceptable to the superintendent;

D. a plan of operation for the self-insurance program, as provided in this rule;

E. detailed resumes, on biographical affidavit forms prescribed by the superintendent, of all the principals of the applicant;

F. a binder from an insurance company authorized to transact insurance business in New Mexico specifying the limits and the terms and conditions of excess insurance coverage to be obtained if the application is approved;

G. if the applicant is a corporation, a certificate of good standing from the corporations bureau;

H. if automobiles are leased or rented to others, a copy of the lease or rental agreement containing the terms under which automobiles are leased or rented.

N.M. Admin. Code § 13.12.4.10

4/1/99; Recompiled 11/30/01