New Mexico Statutes 52-8-5. Self-insurers’ guarantee fund commission created; organized as an independent commission; board created; administrative support
A. The “self-insurers’ guarantee fund commission” is created as a nonprofit, independent, public corporation for the purpose of administering the Self-Insurers’ Guarantee Fund Act. The commission shall not be considered either a state agency or an insurance company.
Terms Used In New Mexico Statutes 52-8-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Ex officio: Literally, by virtue of one's office.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
B. The commission shall have a board of directors which shall consist of five members. Four members shall represent small, medium and large employers, provided that not more than one member shall be from any single employer or industry. The director shall serve, ex officio, as the fifth member. The initial membership of the board shall include four self-insurer representatives appointed by the director. Two of the four self-insurer members originally appointed to the board shall be appointed for an initial term of two years, and two for an initial term of four years. Thereafter, except for the director, members of the board shall serve four-year terms and shall be elected by the general membership of the commission. In the event of a resignation prior to the end of a board member’s term, the board shall appoint a replacement to serve the remainder of the term.
C. The workers’ compensation administration shall provide office space, staff and supplies as is necessary to support the board’s operation.
D. Each general member of the commission shall have one vote in determining the board membership.