As used in the Self-Insurers’ Guarantee Fund Act:

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Terms Used In New Mexico Statutes 52-8-3

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

A. “benefits” means any benefits to which a worker may be entitled under the provisions of the Workers’ Compensation Act [N.M. Stat. Ann. Chapter 52, Article 1], the Subsequent Injury Act or the New Mexico Occupational Disease Disablement Law [52- 3-1 NMSA 1978];

B. “board” means the board of directors of the self-insurers’ guarantee fund commission;

C. “commission” means the self-insurers’ guarantee fund commission;

D. “director” means the director of the workers’ compensation administration; E. “fund” means the self-insurers’ guarantee fund;

F. “insolvent” means that a self-insurer is unable to pay its outstanding lawful obligations as they mature in the regular course of business, as shown both by having an excess of required reserves and other liabilities over assets and by not having sufficient assets to reinsure all outstanding liabilities after paying all accrued claims owed;

G. “private employer” means an employer subject to the Workers’ Compensation Act or the New Mexico Occupational Disease Disablement Law who is not a public employer or a public hospital employer;

H. “public employer” means the state of New Mexico or any of its branches, agencies, departments, boards, instrumentalities or institutions and all school districts and all political subdivisions of the state or any of their agencies, instrumentalities or institutions. “Public employer” does not include a public hospital employer;

I. “public hospital employer” means any local, county, district, city-county or other public hospital or public health-related facility, whether operating in wholly or partially owned or leased premises;

J. “self-insurer” means a private employer certified by the director as being qualified to be self-insured for workers’ compensation purposes. “Self-insurer” does not include a member of a group covered by the Group Self-Insurance Act [N.M. Stat. Ann. Chapter 52, Article 6]; and

K. “worker” means an individual who is defined to be a “worker” under Section 52-1- 16 NMSA 1978 or “employee” under Section 52-3-3 N.M. Stat. Ann..

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