N.M. Admin. Code § 6.50.4.8

Current through Register Vol. 35, No. 22, November 19, 2024

Section 6.50.4.8 - PROCEDURE FOR ENTERING THE AUTHORITY

A. Other educational entities who desire to join the authority shall provide the following to the authority:

(1) an up-to-date employee census including for all employees their age, gender and classification;

(2) a minimum of three years loss reports and claims experience for all lines of authority coverages the other educational entity wishes to participate in;

(3) submission of financial and benefit information which meets standards set by the board;

(4) a resolution of the governing body of the other educational entity stating that it is requesting authority membership and participation in the authority's offerings of risk related and employee benefits coverages and a statement that the other educational entity will abide by the Public School Insurance Authority Act, Section 22-29-1 et seq. NMSA 1978, and all authority rules and board policies and will keep in force all authority coverages for the duration of the then existing carrier agreements;

(5) an agreement in a form acceptable to the authority whereby the governing body of the other educational entity agrees that it will abide by and be bound by the Public School Insurance Authority Act, Section 22-29-1 et seq. NMSA 1978, and all other authority rules and board policies, including authority claims processing, settlement practices and the authority schedule for payment of premiums, late penalties and applicable interest, and will take, pay for and keep in force for the duration of the carrier agreements all applicable authority coverages; and

(6) payment of an excess premium deposit equal to (10%) of the total annual first year premiums for the coverages selected by the educational entity desiring to join the authority.

B. An other educational entity desiring to participate in only some of the authority's coverages shall apply for waivers as is required of school districts and charter schools pursuant to Subsections C and D of Section 22-29-9 NMSA 1978.

C. The authority may reject any application by any other educational entity with or without cause.

N.M. Admin. Code § 6.50.4.8

11-4-88, 3-22-93; Recompiled 10/31/01

Adopted, New Mexico Register, Volume XXV, Issue 16, August 29, 2014, eff. 9/1/2014