A. The regulations adopted by the director to determine whether a private employer is financially solvent and does not need insurance coverage under Section 52-1-4 N.M. Stat. Ann. shall remain in effect until superceded by regulations adopted by the director pursuant to the Self-Insurers’ Guarantee Fund Act. The director may require a self-insurer to provide a bond or other suitable financial instrument.

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B. The initial general members of the commission shall be private employers certified as of January 1, 1992, as being financially solvent and not needing insurance coverage under Section 52-1-4 N.M. Stat. Ann..