New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 17 - WORKERS' COMPENSATION INSURANCE
Part 6 - PREMIUM ADJUSTMENT PROGRAM
Section 13.17.6.6 - OBJECTIVE
Universal Citation: 13 NM Admin Code 13.17.6.6
Current through Register Vol. 35, No. 18, September 24, 2024
The purpose of this rule is to implement NMSA 1978 Section 59A-17-8 C directing the Superintendent of Insurance to equalize and calculate workers' compensation premium rates on a basis that does not discriminate against or penalize employers who pay higher wages than other employers to workers in the same job classification. The legislative objective is satisfied by retaining the present payroll-based system modified by the application of progressively greater premium credits to progressively higher hourly wages on policies for qualifying classifications.
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