New Mexico Administrative Code
Title 6 - PRIMARY AND SECONDARY EDUCATION
Chapter 50 - INSURANCE
Part 4 - OTHER EDUCATIONAL ENTITIES PARTICIPATION
Section 6.50.4.9 - PROCEDURE FOR EXITING THE AUTHORITY BY OTHER EDUCATIONAL ENTITIES
Current through Register Vol. 35, No. 18, September 24, 2024
A. Other educational entities can voluntarily exit the authority only at the expiration of the carrier agreements for the authority coverages they have selected.
B. Under no circumstances can other educational entities voluntarily exit the authority prior to having been a member for a minimum of three years.
C. An other educational entity desiring to exit the authority shall make a request to the board in writing stating the reasons why it desires to exit no later than 90 days prior to the expiration date of the carrier agreements for the authority coverages the other educational entity has selected. The board shall vote whether to accept the resignation of the other educational entity at its next regular meeting following receipt of the other educational entity's request to exit.
D. The board shall reevaluate other educational entities who violate authority rules, regulations or board policies, which have poor loss histories or which evidence clear signs of fiscal irresponsibility and the board may at its discretion terminate the other educational entity's membership in the authority upon 90 day notice.
