New Mexico Administrative Code
Title 1 - GENERAL GOVERNMENT ADMINISTRATION
Chapter 6 - RISK MANAGEMENT
Part 2 - PREMIUM RATING FOR CERTAIN RISKS
Section 1.6.2.11 - SPECIAL PREMIUMS, EXCEPTION

Universal Citation: 1 NM Admin Code 1.6.2.11

Current through Register Vol. 35, No. 18, September 24, 2024

A. The director may augment or decrease any entity premium calculated in accordance with this rule upon his written finding that:

(1) the risk to be covered involves a degree or type of hazard not contemplated by the existing coverage; or

(2) the premium developed in accordance with this rule does not produce a premium corresponding to the risk; or

(3) an entity's individual exposures or experience accounts for 35 percent or more of the total for a given line of coverage.

B. The director shall state in writing the premium he deems appropriate to cover the risk, giving the justification of the amount.

C. The director shall notify in writing the entity which he proposes to charge a special premium pursuant to this section, setting forth his findings, the proposed premium and his justification thereof. The entity shall have thirty days after mailing of such notice to respond in writing to the director. If the entity makes no timely response to the director's notice, the premium shall become effective thirty days after mailing of the notice. If the entity makes a timely response, the director shall review the entity's response with the risk management advisory board in open meeting at which the entity shall have the right to appear and be heard. Thereafter, the premium or any modification shall become effective upon the director's written notice to the entity.

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