N.M. Admin. Code § 13.12.4.20 - TERMINATION OR REVOCATION OF A CERTIFICATE
A. A certificate of self-insurance may be
terminated at the request of the self-insured. The superintendent shall not
grant the request of a self-insured to terminate its certificate unless the
self-insured makes arrangements to otherwise guarantee payment of any known or
unknown obligations covered by the certificate. The self-insured shall file
proof of such arrangements with the superintendent, subject to the
superintendent's prior written approval.
B. A certificate may be revoked by the
superintendent for the grounds specified in Section
66-5-207.1 NMSA 1978, or for any
of the following reasons:
(1) failure of a
self-insured to comply with any provisions or requirements of this rule, or
with any lawful order or communication of the superintendent;
(2) insolvency or bankruptcy of the
self-insured or any surety or guarantor;
(3) impairment of any aspect of the
self-insured's financial responsibility requirements; or
(4) failure to abide by the provisions of
Section 59A-16-20 NMSA 1978 regarding
unfair claims practices.
C. Revocation of a certificate of
self-insurance shall be made by an order signed by the superintendent. Every
such order shall state its effective date and shall concisely state what is
ordered, the grounds on which the order is based, and the provision of this
rule pursuant to which the action is taken.
Notes
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