2006 New Mexico Statutes - Section 59A-56-23 — Rates; standard risk rate; experience rating prohibited.
59A-56-23. Rates; standard risk rate; experience rating prohibited.
A. The alliance shall determine a standard risk rate index by actuarially calculating the average index rates that the insurer has filed under the requirements of the Small Group Rate and Renewability Act [ 59A-23C-1 NMSA 1978] with the benefits similar to the alliance's standard approved health plan. A standard risk rate based on age and other appropriate demographic characteristics may be used. In determining the standard risk rate, the alliance shall consider the benefits provided by the approved health plan.
B. Experience rating is not allowed other than for reinsurance purposes.
C. All rates and rate schedules shall be submitted to the superintendent for approval prior to use.
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