New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 10 - HEALTH INSURANCE › Part 10 - MEDICAL INSURANCE POOL PLAN OF OPERATION › Section 13.10.10.14 - OPERATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
In addition to the powers granted in Section
				  59A-54-7
				  NMSA 1978:
A. The board may employ
				such persons, firms, or corporations to perform such executive and
				administrative functions as are necessary for the board's performance of the
				duties imposed on the pool. The board may use the mailing address of the pool
				administrator or as otherwise directed by the board. Such persons, firms, or
				corporations shall keep such records of its activities as may be required by
				the board. The pool administrator shall maintain the financial records of the
				pool. Board records and documents may be maintained by the administrator or as
				otherwise directed by the board.
B.
				The board may hire or contract with such persons or organizations as attorneys
				at law, actuaries, accountants, claims personnel, and such other specialists or
				persons or organizations with expertise in such areas and whose advice or
				assistance is deemed by the board to be necessary to the discharge of its
				duties imposed by law. The board may agree to compensate such persons or
				organizations so as to best serve the interest of the pool and the
				public.
C. The board may open one
				or more bank accounts for use in pool business. The board may make reasonable
				delegations of deposit and withdrawal authority to such accounts consistent
				with prudent fiscal policy. The board may borrow money from any person or
				organization, including a member or from a contracting firm or entity as the
				board may deem advantageous for the pool and the public. The pool administrator
				is responsible for handling, safeguarding, and disbursing the funds of the pool
				subject and responsible to the board.
D. The board may review the act and other
				appropriate insurance laws and regulations in order to make recommendations to
				the superintendent for the improved operation of the pool.
E. The board shall promptly inform the
				superintendent of the failure of any member to pay an assessment after 30 days'
				written notice to the member that payment is due. If a member fails to pay its
				assessment and penalty within 30 days' written notice of the penalty, the board
				may disenroll the member from the pool. The penalty and notice and any notice
				of disenrollment shall be mailed by registered mail return receipt requested.
				If a member loses its membership status, the pool administrator shall promptly
				forward notice of disenrollment to the superintendent. Reinstatement of
				membership can only occur if all assessments and penalties still owing are paid
				in full and if the superintendent notifies the pool that the former member has
				a current certificate of authority to transact insurance business in New
				Mexico.
F. A penalty of one percent
				of the unpaid assessment or $1,000.00, whichever is larger, plus interest on
				the assessment will be assessed against delinquent members. Interest shall be
				paid at a rate of prime rate plus two percent per annum. The prime rate shall
				be defined as the prime rate as published in the money rates section of the
				Wall Street journal on the last day of publication prior to the date the unpaid
				assessment is paid. If an insurer wishes to contest an assessment but is
				willing to pay, under protest, the amount of the assessment during the pendency
				of the adjudication process, no penalty will be assessed. If the member is
				successful in its protest, then the pool shall refund the amount of the
				assessment to the member and pay the member interest at the rate earned by the
				pool in the interim. The fact that a member is paying under protest must be
				disclosed at the time of payment.