NM Stat § 41-5-5 (2021)
2021 New Mexico Statutes|Chapter 41 - Torts|Article 5 - Medical Malpractice Act|Section 41-5-5 - Qualifications. (Effective January 1, 2022.)

A. To be qualified under the provisions of the Medical Malpractice Act, a health care provider shall:(1) establish its financial responsibility by filing proof with the superintendent that the health care provider is insured by a policy of malpractice liability insurance issued by an authorized insurer in the amount of at least two hundred fifty thousand dollars ($250,000) per occurrence or by having continuously on deposit the sum of seven hundred fifty thousand dollars ($750,000) in cash with the superintendent or such other like deposit as the superintendent may allow by rule; provided that hospitals and outpatient health care facilities that establish financial responsibility through a policy of malpractice liability insurance may use any form of malpractice insurance; and provided further that for independent providers, in the absence of an additional deposit or policy as required by this subsection, the deposit or policy shall provide coverage for not more than three separate occurrences; and(2) pay the surcharge assessed on health care providers by the superintendent pursuant to Section 41-5-25 NMSA 1978.B. For hospitals or outpatient health care facilities electing to be covered under the Medical Malpractice Act, the superintendent shall determine, based on a risk assessment of each hospital or outpatient health care facility, each hospital's or outpatient health care facility's base coverage or deposit and additional charges for the fund. The superintendent shall arrange for an actuarial study before determining base coverage or deposit and surcharges.C. A health care provider not qualifying under this section shall not have the benefit of any of the provisions of the Medical Malpractice Act in the event of a malpractice claim against it; provided that beginning July 1, 2021, hospitals and outpatient health care facilities shall not participate in the medical review process, and beginning January 1, 2027, hospitals and outpatient health care facilities shall have the benefits of the other provisions of the Medical Malpractice Act except participation in the fund.History: 1978 Comp., § 41-5-5, enacted by Laws 1992, ch. 33, § 2; 2021, ch. 16, § 2. ANNOTATIONSThe 2021 amendment, effective January 1, 2022, raised the required malpractice insurance from two hundred thousand dollars to two hundred fifty thousand dollars, raised the required amount of cash deposited with the superintendent of insurance from six hundred thousand dollars to seven hundred fifty thousand dollars; provided additional duties for the superintendent of insurance; provided that hospitals and outpatient health care facilities shall not participate in the medical review process, and that hospitals and outpatient health care facilities shall not participate in the patient's compensation fund beginning in the year 2027; in Subsection A, Paragraph A(1), after "at least", changed "two hundred thousand dollars ($200,000)" to "two hundred fifty thousand dollars ($250,000)", after "per occurrence or", deleted "for an individual health care provider, excluding hospitals and outpatient health care facilities", after "deposit the sum of", changed "six hundred thousand dollars ($600,000)" to "seven hundred fifty thousand dollars ($750,000)", and after "provided that", added "hospitals and outpatient health care facilities that establish financial responsibility through a policy of malpractice liability insurance may use any form of malpractice insurance; and provided further that for independent providers"; in Subsection B, after "additional charges for the", deleted "patient's compensation", and after "actuarial study", deleted "as provided in Section 41-5-25 NMSA 1978" and added "before determining base coverage or deposit and surcharges"; and in Subsection C, after "malpractice claim against it", added the remainder of the subsection.