New Mexico Administrative Code
Title 6 - PRIMARY AND SECONDARY EDUCATION
Chapter 50 - INSURANCE
Part 3 - PROCUREMENT OF OR SELF-INSURANCE OF RISK-RELATED AND EMPLOYEE-BENEFITS COVERAGES
Section 6.50.3.8 - AUTHORIZATION TO PROCURE INSURANCE OR TO SELF-INSURE RISK-RELATED, EMPLOYEE BENEFIT AND DUE PROCESS REIMBURSEMENT COVERAGES
Current through Register Vol. 35, No. 18, September 24, 2024
The authority is authorized to provide for risk-related exposures, employee benefit programs and due process reimbursement coverage in the following ways.
A. Obtain basic, excess, reinsurance or retrospectively rated insurance policies for any combination of risk-related or employee-benefit coverages on behalf of all persons or entities authorized to participate in the authority's coverages in compliance with the Procurement Code, Section 13-1-1 et seq. NMSA 1978, the Health Care purchasing Act, Section 13-7-1 NMSA 1978, and the competitive sealed proposal process of Section 13-1-28 NMSA 1978.
B. Self-insure all or any part of risk-related, employee benefit and due process reimbursement coverages offered to persons or entities authorized to participate in the authority's coverages.
C. Establish pooling and participation arrangements to provide risk-related or employee-benefit coverages on behalf of all persons or entities authorized to participate in the authority's coverages.
D. Establish reasonable self-insured retention or self-insured liability levels.
E. Establish reasonable deductibles, stop loss, out of pocket, co-pays or other cost containment mechanisms.
F. Modify any basic, excess, reinsurance or retrospectively rated insurance policies, pooling or participation agreements or other insurance coverage.
G. Add or delete one or more risks, one or more perils, one or more benefits or one or more lines in any self- insurance, insurance contract, pooling or participation agreement.
