New Mexico Administrative Code
Title 11 - LABOR AND WORKERS' COMPENSATION
Chapter 4 - WORKERS' COMPENSATION
Part 9 - GROUP SELF-INSURANCE
Section 11.4.9.7 - DEFINITIONS
Current through Register Vol. 35, No. 6, March 26, 2024
The definitions adopted below shall apply to all WCA rules, especially those for group self insurance.
A. "Same or similar type of business" means that each individual business to be insured by a group at the time the risk is bound, without regard to ownership, is appropriate under the by-laws and the underwriting guidelines of the group on file with the WCA. Each such business must have at least 50 percent of the workers' compensation manual premium for each individual business member in risks normally associated with either the general division groupings (designated by lettered headings in the standard industrial classification manual) or any other three or four digit classifications specifically designated from within the standard industrial classification manual, which has received prior approval from the director. Where more than one business shares common ownership, the businesses may be considered one entity for purposes of eligibility determination.
B. "Standard industrial classification manual" means the most current edition of standard industrial classification manual published by the executive office of the president of the United States, office of management and budget. Major groups of businesses are designated by a two digit code in the standard industrial classification manual.
