A. The director shall adopt rules and regulations to determine the qualifications necessary to be a self-insurer. To qualify to be a self-insurer, a private employer must show to the satisfaction of the director that the employer is financially solvent and that providing workers' compensation and occupational disease disablement insurance coverage is unnecessary. The director shall consider the employer's financial ability to pay promptly workers' compensation and occupational disease disablement benefits and assessments that may be imposed under the Self-Insurers' Guarantee Fund Act.
B. The director shall certify each private employer who qualifies to be a self-insurer.
C. Each application for certification as a self-insurer shall be accompanied by payment of a fee not to exceed one hundred fifty dollars ($150). The fee shall be set by the director as necessary to cover the administrative costs of evaluating the applicants' qualifications. The fee shall be deposited in the workers' compensation administration fund.
D. Any employer formerly certified as a self-insurer who ceases to be certified may not apply again for certification until three years after certification ceases.
History: Laws 1990 (2nd S.S.), ch. 3, § 6.
ANNOTATIONSEffective dates. — Laws 1990 (2nd S.S.), ch. 3, § 10 made Laws 1990 (2nd S.S.), ch. 3, § 6 effective January 1, 1991.
Compiler's notes. — For the Self-Insurers' Guarantee Fund Act, see 52-8-1 NMSA 1978 and compiler's notes thereto.