New Mexico Administrative Code
Title 11 - LABOR AND WORKERS' COMPENSATION
Chapter 4 - WORKERS' COMPENSATION
Part 12 - UNINSURED EMPLOYERS' FUND
Section 11.4.12.14 - MISCELLANEOUS PROVISIONS
Universal Citation: 11 NM Admin Code 11.4.12.14
Current through Register Vol. 35, No. 18, September 24, 2024
A. The fund may purchase excess insurance from the fund corpus if, in the judgment of the director, it is fiscally prudent to do so.
B. Auditing of the fund by the superintendent of insurance shall occur yearly, commencing thirty (30) days after the close of the fund's fiscal year.
(1) The final report
of the audit of the fund (after an opportunity to contest and respond to
findings made by the auditor) shall be treated as a public document.
(2) In the event of any audit exceptions in
the final report of the audit, the fund will issue a public statement of
corrective actions that it will implement to prevent future
exceptions.
(3) The fund shall
comply with all requirements for the reporting of losses and claims
expenditures for statistical purposes that would apply to a self-insured
employer.
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