New Mexico Administrative Code
Title 13 - INSURANCE
Chapter 17 - WORKERS' COMPENSATION INSURANCE
Part 6 - PREMIUM ADJUSTMENT PROGRAM
Section 13.17.6.7 - DEFINITIONS
Current through Register Vol. 35, No. 18, September 24, 2024
In addition to the definitions in the Workers' Compensation Act, NMSA 1978 Sections 52-1-1 et seq., as used in this rule:
A. aggregate call for experience means the requests by the WCSO to workers' compensation carriers for summaries of payroll, premium or loss experience data;
B. ARAP calculations means the Assigned Risk Adjustment Program approved by the Superintendent pursuant to NMSA 1978 Section 59A-33-10;
C. basic manual means the Basic Manual for Workers' Compensation and Employers Liability Insurance applicable to New Mexico filed by the WCSO and approved by the Superintendent;
D. experience rating means any workers' compensation premium rating plan which provides for premium adjustments based upon an insured's prior loss experience;
E. final earned premium means that premium which applies after the application of payroll audits and retrospective rating adjustments;
F. manual premium means the product of payroll per $100 and the manual rate for a given classification. Manual premium for a policy means the sum of the manual premiums for the classification applicable to that policy;
G. manual rate means workers' compensation base rates filed by authorized insurers or the workers' compensation assigned risk pool and approved by the Superintendent;
H. qualifying classifications means those workers' compensation classifications listed in subsection C of 13.17.6.8 NMAC;
I. qualifying policy means a workers' compensation or employer's liability policy the premium for which is attributable to one or more qualifying classifications;
J. rate service organization has the meaning given in NMSA 1978 Section 59A-17-4;
K. remuneration shall have the meaning used in Rule V of the Basic Manual for Workers Compensation and Employers Liability Insurance;
L. standard earned premium means the premiums on which general rate levels are set as defined in the Basic Manual for Workers' Compensation;
M. Workers' Compensation Service Organization (WCSO) means either a rate service organization licensed in accordance with NMSA 1978 Section 59A-17-19 or an advisory organization licensed in accordance with NMSA 1978 Section 59A-17-24 that is designated by the Superintendent of Insurance in workers' compensation matters.
