HOUSE BILL 304

56th legislature - STATE OF NEW MEXICO - second session, 2024

INTRODUCED BY

Christine Chandler

 

 

 

 

 

AN ACT

MAKING AN APPROPRIATION TO THE OFFICE OF SUPERINTENDENT OF INSURANCE TO ASSIST CERTAIN SMALL RURAL HOSPITALS TO PAY SURCHARGES FOR COVERAGE UNDER THE MEDICAL MALPRACTICE ACT.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. APPROPRIATION.--Ten million dollars ($10,000,000) is appropriated from the general fund to the office of superintendent of insurance for expenditure in fiscal year 2025 and subsequent fiscal years to assist small rural hospitals to pay surcharges for coverage under the Medical Malpractice Act. A hospital shall not receive an allocation from this appropriation if it is owned, managed or operated by an out-of-state corporation or other legal entity. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.