N.M. Admin. Code § 1.6.2.8
Current through Register Vol. 35, No. 21, November 5, 2024
Section 1.6.2.8 - ANNUAL PREMIUM NOTICE, PREMIUM DUE DATEA. The RMD shall notify each governmental entity annually of the premiums due for each line of coverage provided by or through the division. Wherever applicable, the RMD shall attempt to mail the premium notice at least three months prior to the annual premium due date, or, if premiums are due more often than annually, at least three months prior to the first date any portion of the premium is due. Failure to provide or receive notice, or the existence of any inaccuracy in any notice, shall not relieve the governmental entity of the obligation to pay any premium. RMD may satisfy this notice provision as to state agencies by giving notice of their premiums to the state budget division of the department of finance and administration.B. Premiums shall be payable to the RMD on the dates and in the manner the director establishes. Premiums are due and payable within sixty days (Saturdays, Sundays and holidays included) of the billing date, and are overdue thereafter. The RMD shall mail premium billings to each governmental entity at least sixty days before premiums are due. Such billings shall be in addition to any premium notice provided pursuant to Section 8.1 [now Subsection A of 1.6.2.8 NMAC].C. Premiums not timely paid shall be subject to a late charge of not to exceed one and one-half percent (1.5 percent) per month of the unpaid balance. This late charge is in addition to and is cumulative with any other penalties which the RMD is authorized to impose by law. The director shall establish the percentage rate of the late charge at least annually, with the advice of the risk management advisory board.D. The director, in his discretion, for good cause shown, may waive premiums and/or late charges for an entity that has insufficient funds for reasons beyond the control of the affected entity. The director in his discretion and after making diligent efforts administratively to collect, may write off premiums or late charges which he considers to be uncollectible. Good cause does not include unavailability of sufficient funds because of the entity's failure to request and/or budget sufficient funds in accordance with the notice provided pursuant to Section 8.1 [now Subsection A of 1.6.2.8 NMAC].E. The director, in his discretion, may impose a higher deductible against a claim made by a governmental entity which has premiums or late charges (up to or overdue amount) that are more than sixty days overdue.N.M. Admin. Code § 1.6.2.8
6/14/1997; 1.6.2.8 NMAC - Rn, 1 NMAC 6.2.8; 9/15/2004