A. The superintendent of insurance shall issue a certificate of self-insurance to any applicant with motor vehicles registered in his name in this state, provided that the applicant has met the same criteria for self-insurance as set by the superintendent of insurance for workmen's compensation liability.
B. Upon not less than five days' notice and a hearing pursuant to such notice, the superintendent upon reasonable grounds may cancel a certificate of self-insurance. Failure to pay any judgment within thirty days after the judgment is final constitutes a reasonable ground for the cancellation of a certificate of self-insurance.
History: 1978 Comp., § 66-5-207.1, enacted by Laws 1986, ch. 111, § 2.
Regulation cannot affect exempt status of self-insured entity. — A regulation on the requirements for obtaining a certificate of self-insurance stating that car rental agreements must provide that the lessor shall be primarily liable and that the lessee shall be secondarily liable under the Mandatory Financial Responsibility Act did not make the Act applicable to a self-insured car rental company, because that interpretation would directly conflict with Subsection E of Section 66-5-207 NMSA 1978 which explicitly exempts self-insured vehicles. Cordova v. Wolfel, 1995-NMSC-061, 120 N.M. 557, 903 P.2d 1390.
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