N.M. Admin. Code § 13.12.4.7 - DEFINITIONS
As used in this rule:
A.
"Act" means the Mandatory
Financial Responsibility Act, Sections
66-5-201 NMSA 1978 et
seq.
B.
"Applicant"
means any person subject to the act who seeks to qualify for exemption from the
act by obtaining a certificate of self-insurance from the
superintendent.
C.
"Change of
ownership" means the occurrence of any change in:
(1) the officers, directors, or holders of
more than ten percent of the voting stock of the corporation, if the
self-insured is a corporation;
(2)
general partners or limited partners contributing ten percent or more of the
total value of contributions made to the limited partnership, or entitled to
ten percent or more of the profits earned, or other compensation by way of
income paid, by the limited partnership, if the self-insured is a limited
partnership; or
(3) the trustees or
partners or owners of more than ten percent interest in the entity, if the
self-insured is a legal entity which is not a corporation or limited
partnership.
D.
"Driver" has the meaning given in Section
66-1-4.4 K NMSA 1978.
E.
"Financially solvent" means a
self-insured's continuing ability to pay all existing and future claims to
which it is or may become obligated by operation of its motor vehicles on the
highways of New Mexico, and that there are no circumstances clearly indicating
to the superintendent that there is an imminent danger that the self-insured
will likely become insolvent.
F.
"Qualified actuary" means a member of the casualty actuarial
society.
G.
"Tangible net
worth" means net worth less intangible assets and other assets of
questionable quality or liquidity and may include other liabilities of the
company.
H.
"Safety
program" means a program of activities designed to reduce accidents, and
may include driver education courses on safe driving practices or special
techniques for driving in dangerous conditions, wearing seat belts, enrollment
in accident prevent programs, installation of safety devices, and drug
testing.
Notes
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