§ 59A-33-4 — Definitions

New Mexico § 59A-33-4

• Jurisdiction: New Mexico
• Ch. 59A: Insurance Code
• Art. 33: Workers' Compensation Insurance Contracts and

Text

As used in the Workers' Compensation Assigned Risk Pool Law: A. "board" means the governing board of the pool; B. "commercial line insurer" means any foreign, alien or domestic stock or mutual insurer, or reciprocal or interinsurance exchange, or association or other corporation or organization authorized to transact workers' compensation insurance, commercial multiple peril insurance or commercial general liability insurance in this state. The superintendent may adopt rules and regulations to define commercial multiple peril insurance or commercial general liability insurance. For policy years beginning on or after January 1, 1994, "commercial line insurer" shall apply to workers' compensation only and shall not include commercial multiple peril insurance or commercial general liability insurance; C. "person" means an individual, firm, association, corporation or a public or private agency or institution; D. "policyholder" means a person or entity insured through or by the pool; E. "pool" means the New Mexico workers' compensation assigned risk pool established pursuant to Section 59A-33-5 NMSA 1978; F. "rejected risk" means an employer who is in good faith entitled to insurance but is unable to procure or retain insurance through ordinary methods in the voluntary market as evidenced by at least two written rejections. The term includes any legal entities that may be combined for experience-rating purposes according to the rules of the superintendent; and G. "servicing carrier" means a person designated by the superintendent to issue a policy that evidences the insurance coverages provided to a rejected risk and to service the policyholder as provided in the Workers' Compensation Assigned Risk Pool Law.

Legislative History

Laws 1984, ch. 127, § 536; 1989, ch. 42, § 4; 1990 (2nd S.S.), ch. 2, § 95;