N.M. Admin. Code § 13.12.4.17

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

Section 13.12.4.17 - COMPLIANCE AND REPORTING REQUIREMENTS

By accepting a certificate of self-insurance, a self-insured agrees to:

A. promptly discharge all of its liabilities and responsibilities in accordance with the requirements of this rule;

B. notify the superintendent within fifteen (15) calendar days in case of contemplated liquidation, sale or transfer of ownership, or material reduction in New Mexico operations; and arrange for the payment of all existing liability and any disability or liability arising thereafter by guaranty bond, deposit of securities, or otherwise, as required by the superintendent;

C. notify the superintendent within fifteen (15) calendar days prior to making any material change in any excess insurance policy or surety bond or other security required by the superintendent as a condition of self-insurance;

D. notify the superintendent within fifteen (15) calendar days of any change in the kind or amount of services provided by any service company named in the application;

E. promptly notify the superintendent of any material, adverse change in its financial condition;

F. provide full disclosure to the superintendent, or the superintendent's agents and staff, of all matters required to be disclosed, and to cooperate fully in any lawful review, evaluation, examination, or audit of any matter pertaining to the applicant's compliance with this rule or any lawful order or communication of the superintendent;

G. notify the superintendent within thirty (30) calendar days if there is a change of ownership of a self-insured, and submit biographical affidavits for the new owners;

H. meet any other reasonable criteria deemed necessary by the superintendent to guarantee payment of automobile claims

N.M. Admin. Code § 13.12.4.17

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