reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-547 - Equipment trust certificates

20-547.
Equipment trust certificates
An insurer may invest in equipment trust obligations or certificates which in the opinion of the director are adequately secured,  or other instruments so secured and evidencing an interest in transportation equipment,  wholly or in part within the United States,  which carry the right to receive determined portions of rental,  purchase or other fixed obligatory payments to be made for the use or purchase of the transportation equipment.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-548 - Obligations of receivers or trustees

20-548.
Obligations of receivers or trustees
An insurer may invest in certificates,  notes or other obligations issued by trustees or receivers of any institution created or existing under the laws of the United States or of any state,  district or territory thereof,  which,  or the assets of which,  are being administered under the direction of any court having jurisdiction,  if such obligation in the opinion of the director is adequately secured as to principal and interest.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-549 - Investments not otherwise authorized; limitations; appraisal; cost

20-549.
Investments not otherwise authorized;  limitations;  appraisal;  cost
A. An insurer may make loans or investments not otherwise qualifying or permitted under this article in an amount not exceeding in the aggregate ten per cent of the insurer's assets,  and not exceeding two per cent of such assets as to any one such loan,  investment or category of investment,  except that such loan or investment shall not be represented by any item described in section 20-503.
B. The insurer shall fulfill the requirements of section 20-534 and shall maintain sufficient information so that the director can reasonably ascertain the market value of the loan or investment. The director may employ appraisers or other experts to assist in determining the value of the loans or investments. The insurer shall pay the cost incurred for any appraisal.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-551 - Investments or deposits in financial institutions

20-551.
Investments or deposits in financial institutions
A. An insurer may invest or deposit any of its funds in share,  checking or savings accounts,  in certificates of deposit or in any other deposit or account in solvent banks or in foreign branches of such banks,  credit unions or savings and loan associations which are insured by an agency of the federal government. Branches of foreign banks located in the United States are deemed banks for the purposes of this subsection as long as they are in compliance with applicable state and federal banking laws and regulations.
B. An insurer may invest in obligations issued,  assumed or guaranteed by those multinational development banks in which the United States is a member nation,  including the international bank for reconstruction and development,  the African development bank,  the Asian development bank and the Inter-American development bank.
C. An insurer may invest or deposit its funds in any deposit,  account or obligation of a foreign bank that has been determined by the securities valuation office of the national association of insurance commissioners to meet the credit standards for issuing letters of credit in support of the liability of a reinsurer to a ceding insurer or has demonstrated to the director that it meets or exceeds both the following standards:
1. Is domiciled in a country with a sovereign debt rating of " Aaa"  or " AAA"  for its long-term debt or P1 or A1 for its short-term debt by Moody's investors service or Standard and Poor or an equivalent rating by any other nationally recognized statistical rating organization.
2. Either of the following:
(a) For investment issues with maturities in excess of three hundred sixty-five days,  has a long-term debt service rating of " Aa"  by Moody's investor service or " AA"  by Standard and Poor or an equivalent rating by any other nationally recognized statistical rating organization.
(b) For investment issues with maturities of three hundred sixty-five days or less,  has a short-term debt service rating of P1 or A1 by Moody's investors service or Standard and Poor or an equivalent rating by any other nationally recognized statistical rating organization.
D. An insurer may invest or deposit its funds in any deposit,  account or obligation of a solvent foreign bank that does not meet the requirements of subsection C of this section,  if the amount of the investments or deposits do not exceed one hundred five per cent of the insurer's obligations to policyholders in the foreign country as denominated in the currency of the foreign country and the investments or deposits in the aggregate do not exceed ten per cent of the insurer's surplus as regards policyholders.
E. An investment or deposit made pursuant to subsections C and D of this section shall also be applied to the limitation of the amount of an insurer's assets that may be invested pursuant to section 20-552.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-552 - Foreign securities

20-552.
Foreign securities
A. An insurer may make investments in securities of or in a foreign country possessing characteristics and of a quality similar to those required pursuant to this article for investments in the United States.
B. After giving effect to an investment in securities of or in a foreign country,  the aggregate amount of such investments then held by an insurer under this section in a single foreign jurisdiction shall not exceed ten per cent of the insurer's admitted assets as to a foreign jurisdiction that has a sovereign debt rating of SVO 1 or three per cent of the insurer's admitted assets as to any other foreign jurisdiction. For the purposes of this subsection,  " SVO"  means the securities valuation office of the national association of insurance commissioners or any successor office established by the national association of insurance commissioners.
C. For the purposes of the quantitative limitations set forth in this article,  investment in securities of or in a foreign country under this section shall not include a Canadian investment under section 20-552.01.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-552.01 - Canadian investments; definition

20-552.01.
Canadian investments;  definition
A. An insurer may make investments in securities of or in Canada possessing characteristics and of a quality similar to those required pursuant to this article for investments in the United States.
B. Subject to subsections C,  D and E of this section,  an insurer shall not acquire,  directly or indirectly through an investment subsidiary,  a Canadian investment otherwise permitted under this article,  if after giving effect to the investment,  the aggregate amount of Canadian investments then held by the insurer would exceed twenty-five per cent of its admitted assets.
C. As to an insurer that is authorized to do business in Canada or that has outstanding insurance,  annuity or reinsurance contracts on lives or risks resident or located in Canada and denominated in Canadian currency,  the limitations of subsection B of this section shall be increased by the greater of:
1. The amount the insurer is required by applicable Canadian law to invest in Canada or to be denominated in Canadian currency.
2. One hundred fifteen per cent of the amount of the insurer's reserves and other obligations under contracts on lives or risks resident or located in Canada.
D. An insurer shall not acquire an investment in Canadian common stock,  or shares of any solvent institution created or existing under the laws of Canada,  any province of Canada,  or any political subdivision of Canada or a province of Canada if,  after giving effect to the investment,  the aggregate amount of the investments then held by the insurer would exceed twenty per cent of its admitted assets.
E. An insurer shall not acquire an investment in bonds,  notes or other evidences of indebtedness that are secured by second mortgages or deeds of trust on improved real property located in Canada if,  after giving effect to the investment,  the aggregate amount of such investments then held by the insurer would exceed twenty per cent of its admitted assets.
F. For the purposes of this section,  unless the context otherwise requires,  " investment subsidiary"  means a subsidiary of an insurer engaged or organized to engage exclusively in the ownership and management of assets authorized as investments for the insurer if each subsidiary agrees to limit its investment in any asset so that its investments will not cause the amount of the total investment of the insurer to exceed any of the investment limitations or avoid any other provisions of this article applicable to the insurer. For the purposes of this subsection,  " total investment of the insurer"  includes:
1. Direct investment by the insurer in an asset.
2. The insurer's proportionate share of an investment in an asset by an investment subsidiary of the insurer,  which shall be calculated by multiplying the amount of the subsidiary's investment by the percentage of the insurer's ownership interest in the subsidiary.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-555 - Security agreements; definition

20-555.
Security agreements;  definition
A. In connection with a mortgage loan on the security of real property designed and used primarily for residential purposes only,  which mortgage loan was acquired pursuant to section 20-553,  an insurer may lend or invest an amount not exceeding twenty per cent of the amount loaned on or invested in such real property mortgage in a security agreement for a term of not more than five years,  representing a first and prior lien,  except for taxes not then delinquent,  on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises.
B. For the purposes of this section,  the term " durable equipment"  shall include only mechanical refrigerators,  air conditioning equipment,  mechanical laundering machines,  heating and cooking stoves and ranges,  and in addition,  in the case of apartment houses and hotels,  room furniture and furnishings.
C. Prior to the acquisition of a security interest under this section,  items of property to be included therein shall be separately appraised by a qualified appraiser and the fair market value thereof determined. No such security interest may exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-556 - Real property

20-556.
Real property
An insurer,  including for the purposes of this section a reciprocal insurer,  may invest in real property only if acquired or used for the following purposes and in the following manner:
1. The land and the building thereon in which it has its principal office,  and such other real property as shall be requisite for its convenient accommodation in the transaction of its business,  but no such investments shall aggregate more than an amount equal to the excess of the insurer's assets over its required policy reserves plus fifty per cent of the surplus to policyholders required under this title for initial authorization for the kinds of insurance it is transacting at the time the investment is made.
2. Such real property as has been acquired in satisfaction of loans,  mortgages,  liens,  judgments,  decrees or debts previously owing to the insurer in the course of its business.
3. Such real property as has been acquired in part payment of the consideration on the sale of real property owned by it,  if each transaction effected a net reduction in the insurer's investment in real property.
4. Such real property,  or any interest therein,  as may be acquired as an investment for the production of income,  or as may be acquired to be improved or developed for such investment purpose,  pursuant to an existing program therefor. An insurer shall not,  except with the director's consent,  have at any one time over twenty per cent of its assets invested in all its investments pursuant to this paragraph,  nor more than five per cent of its assets so invested in any single parcel or related parcels of real property.
5. The seller's interest in real property subject to an agreement of purchase or sale,  but the sum invested in any such parcel of real property shall not exceed two-thirds of the market value of the parcel.
6. Additional real property and equipment incident to real property,  if necessary or convenient for the purpose of enhancing the sale or other value of real property previously acquired or held by it,  pursuant to the provisions of paragraph 2,  3 or 4 of this section. An insurer shall not,  except with the director's consent,  have at any time invested in excess of ten per cent of its assets in the investments authorized by this paragraph.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-557 - Second mortgages

20-557.
Second mortgages
A. An insurer may invest in bonds,  notes or other evidences of indebtedness that are secured by second mortgages or deeds of trust on improved real property located in the United States. An insurer shall not make or acquire either:
1. A loan or investment if the total of the outstanding indebtedness of the first and second mortgages or deeds of trust exceeds eighty per cent of the value of the real property.
2. A loan secured by a second lien if the borrower,  without the approval of the insurer,  is entitled to increase the principal amount of the indebtedness secured by the prior first mortgage except to the extent the amount of the increase is applied in reduction of the investment held by the insurer.
B. An insurer may invest in construction loans pursuant to this section if the real property is improved or will be improved with the proceeds of the construction loan and if the insurer's total investment in construction loans is not more than the amount prescribed in section 20-553,  subsection H.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-558 - Investment company or trust; mutual funds

20-558.
Investment company or trust;  mutual funds
An insurer may invest in the securities of any open end management type investment company,  investment trust or mutual fund registered with the United States securities and exchange commission or in a common trust fund of a bank regulated by a federal or state agency within the limitations prescribed by this article if the investments held by the investment company or common trust fund,  if added to the assets of the insurer on a basis that is in the same proportion that the shares of the investment company or investments in a common trust fund held by the insurer bear to all of the shares of the investment company or investments in a common trust fund outstanding,  would not cause the insurer to exceed the limitations contained in this article.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-559 - Investments of foreign and alien insurers

20-559.
Investments of foreign and alien insurers
A. Foreign and alien insurers transacting insurance in this state shall have assets of the same general character and quality,  and have invested in home office real property as permitted under paragraph 1 of section 20-556,  all as specified in this article for domestic insurers,  except that other investments authorized by the law of such an insurer's state or country of domicile may be recognized as assets in the discretion of the director.
B. A foreign insurer domiciled in a state that requires insurers domiciled in this state to invest in the securities of such state a stipulated percentage or amount of its reserves under its policies in force in such state,  shall likewise be required to invest in similar securities of this state a like percentage or amount of its reserves under its policies in force in this state,  and shall from time to time furnish proof of such investments as required by the director.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-561 - Collateral loans

20-561.
Collateral loans
A. An insurer may lend its funds in negotiable promissory notes on the pledge of any investment that qualifies under this article,  other than real property. The insurer shall not make a loan that is more than seventy-five per cent of the market value of the collateral pledged. The loan documents shall provide that all of the rights and remedies of a secured party provided by the law governing secured transactions in the jurisdiction of the loan are available to the insurer,  except that a borrower shall not have more than twenty days to correct a default after the secured party has given notice of default in writing to the borrower.
B. The amount loaned is an admitted asset to the extent that the amount loaned plus the insurer's investments that are like those pledged are not more than the applicable investment limitation or the limitation on the percentage of assets invested with a single person prescribed by this article.
C. Sections 20-553,  20-554,  20-556 and 20-557 apply to loans that are secured by real estate.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-562 - Insurer investments; partnerships; limited liability companies; limitations

20-562.
Insurer investments;  partnerships;  limited liability companies;  limitations
A. An insurer that meets the standards prescribed in subsection B may invest in a partnership or limited liability company interest if the investments held by the partnership or limited liability company,  if added to the assets of the insurer in the same proportion as the interests in the partnership or limited liability company held by all other partners or members,  would not cause the insurer to exceed the limitations prescribed in this article.
B. To be eligible to make any investment provided in this section,  an insurer shall possess surplus as regards policyholders of at least:
1. Seven million dollars if the surplus is at least seven per cent of the insurer's admitted assets.
2. One hundred million dollars if the surplus is at least six per cent of the insurer's admitted assets.
3. Two hundred fifty million dollars if the surplus is at least five per cent of the insurer's admitted assets.
C. Except with the director's consent,  the eligible insurer investments pursuant to this section are subject to the following limitations:
1. An insurer's investment in a partnership or limited liability company shall not exceed two per cent of the insurer's admitted assets.
2. An insurer's total investments in partnerships and limited liability companies shall not exceed ten per cent of the insurer's admitted assets.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-581 - Deposits of insurers

20-581.
Deposits of insurers
The state treasurer shall accept and hold in trust,  when made through the director,  deposits of securities or funds by insurers as follows:
1. Deposits required for authority to transact insurance in this state.
2. Deposits of domestic,  foreign or alien insurers when made pursuant to the laws of other states,  provinces and countries as prerequisite for authority to transact insurance in such state,  province or country.
3. Deposits in such additional amounts as are permitted to be made by section 20-587.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-582 - Purpose of deposits

20-582.
Purpose of deposits
Deposits made under the provisions of section 20-581,  shall be held for purposes as follows:
1. When the deposit is required for authority to transact insurance in this state the deposit shall be held for the protection of all the insurer's policyholders within the United States.
2. When the deposit is required pursuant to the laws of another state,  province or country,  the deposit shall be held for such purposes as are required by such laws,  and as specified by the director at the time the deposit is made.
3. When the deposit is required pursuant to the retaliatory provision set forth in section 20-230,  the deposit shall be held for purposes as specified in the director's order requiring the deposit.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-583 - Assets eligible for deposit

20-583.
Assets eligible for deposit
A. All deposits required for authority to transact insurance in this state shall consist of cash or any combination of the securities described in the following sections: section 20-537,  section 20-538 and section 20-551,  subsection A. The deposits by domestic stock life and disability insurers only or either of assets described in section 20-538 shall be limited to bonds and other evidences of indebtedness of this state or any of the counties or incorporated cities,  towns or duly organized school districts within this state,  and the deposits of assets described in section 20-551,  subsection A shall be limited to banks or trust companies,  credit unions and savings and loan associations which are domiciled in this state,  but such limitations shall not apply to that part of those deposits which are in excess of the minimum amount necessary to transact insurance in this state.
B. All such deposits required pursuant to the laws of another state,  province or country,  or pursuant to the retaliatory provision set forth in section 20-230,  shall consist of such assets as are required or permitted by such laws or as required pursuant to the retaliatory provision.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-584 - Trust companies as depositaries

20-584.
Trust companies as depositaries
Upon request of the insurer,  the state treasurer may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this state as the treasurer's depositary to receive and hold any such deposit. Any such deposit so held shall be at the expense of the insurer.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-586 - Rights of insurer during solvency

20-586.
Rights of insurer during solvency
As long as the insurer remains solvent and complies with this title it may:
1. Demand,  receive,  sue for and recover the income from the securities or cash deposited.
2. Exchange and substitute for the deposited cash or securities,  or any part of the cash or securities,  cash or eligible securities of equivalent or greater value.
3. Inspect,  at reasonable times,  any such deposit made in a form other than book entry.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-587 - Excess deposits

20-587.
Excess deposits
An insurer may so deposit cash or eligible securities in an amount exceeding its deposit required or otherwise permitted under this title by not more than one hundred thousand dollars,  for the purpose of absorbing fluctuations in the value of securities held in its deposit,  and to facilitate the exchange and substitution of securities deposited. During the solvency of the insurer any such excess deposit or part thereof shall be released to the insurer upon its request. During the insolvency of the insurer the excess deposit shall be released only as provided in section 20-588.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-588 - Release of deposits

20-588.
Release of deposits
A. Any deposit made in this state under this title shall be released and returned:
1. To the insurer upon extinguishment by reinsurance or otherwise of substantially all liability of the insurer for the security of which the deposit is held.
2. To the insurer to the extent such deposit is in excess of the amount required.
3. Upon proper order of a court of competent jurisdiction to the receiver,  conservator,  rehabilitator or liquidator of the insurer,  or to any other properly designated official or officials who succeed to the management and control of the insurer's assets.
B. No release of deposited funds shall be made except upon application to and the written order of the director. The director shall have no personal liability for any such release of any such deposit or part thereof so made by him in good faith.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-589 - Levy upon deposits prohibited; exception

20-589.
Levy upon deposits prohibited;  exception
No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this title,  or upon any part thereof,  but such levy may be permitted if so specified in the director's order requiring the deposit pursuant to the retaliatory provision set forth in section 20-230.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-612 - Delinquency proceedings; jurisdiction; venue; nature of remedy; appeal

20-612.
Delinquency proceedings;  jurisdiction;  venue;  nature of remedy;  appeal
A. The superior court is vested with exclusive original jurisdiction of delinquency proceedings under this article and is authorized to make all necessary and proper orders to carry out the purposes of this article.
B. The venue of delinquency proceedings against a domestic,  foreign or alien insurer shall be in Maricopa county.
C. Delinquency proceedings pursuant to this article constitute the sole and exclusive method of liquidating,  rehabilitating,  reorganizing or conserving an insurer,  and a court shall not entertain a petition for the commencement of such proceedings unless it has been filed in the name of the state on the relation of the director of the department of insurance and financial institutions.
D. An appeal shall lie to the supreme court from an order granting or refusing rehabilitation,  liquidation or conservation and from every other order in delinquency proceedings having the character of a final order as to the particular portion of the proceedings embraced therein.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-613 - Commencement of delinquency proceedings

20-613.
Commencement of delinquency proceedings
A. The director shall commence any delinquency proceeding,  the attorney general representing the director,  by an application to the court for an order directing the insurer to show cause why the director should not have the relief prayed for. On the return of the order to show cause and after a full hearing,  the court shall either deny the application or grant the application,  together with such other relief as the nature of the case and the interests of policyholders,  creditors,  stockholders,  members,  subscribers or the public requires.
B. The director may file with the superior court a certificate stating that the delinquency proceeding is of special public importance. On receipt of the certificate the presiding judge of the superior court immediately shall designate a judge to hear and determine the proceeding. The designated judge shall assign the proceeding for hearing at the earliest practicable date and cause the proceeding to be expedited in every way,  including applications for temporary restraining orders,  preliminary injunctions and orders appointing receivers. An expedited hearing under this subsection is in addition to the requirements of section 20-172,  subsection A.
C. Pending proceedings commenced under section 20-169,  the director is not precluded from commencing a delinquency proceeding under this article. The pendency of proceedings under section 20-169 is not a ground for denying an application for an order under this article.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-614 - Injunctions

20-614.
Injunctions
A. On application by the director for an order to show cause,  or at any time thereafter,  the court may without notice issue an injunction restraining the insurer,  its officers,  directors,  stockholders,  members,  subscribers and agents and all other persons from the transaction of its business or the waste or disposition of its property until further order of the court.
B. The court may at any time during a proceeding under this article issue other injunctions or orders as is deemed necessary to prevent any of the following:
1. Interference with the receiver or the proceeding.
2. The waste of the assets of the insurer.
3. The commencement or prosecution of any actions.
4. The obtaining of preferences,  judgments,  attachments or other liens.
5. The making of any levy against the insurer or against its assets or any part of its assets.
C. An injunction issued pursuant to subsection A or B of this section does not operate to enjoin or prohibit any right to cause the netting,  liquidation,  setoff,  termination,  acceleration or close out of obligations or enforcement of any security agreement or arrangement or other credit enhancement or guarantee or reimbursement obligation under or in connection with any netting agreement or qualified financial contract as provided in section 20-637.
D. The court may also prescribe exclusive conditions and procedures for access to information from the receiver including procedures for the inspection or copying of the records of the insurer or receiver. The court may not place conditions on a reinsurer's contract rights to access to claim files other than the payment of reasonable charges for locating and copying the records.
E. Notwithstanding any other law,  a bond is not required of the director or receiver as a prerequisite for the issuance of any injunction or restraining order pursuant to this section or for the filing of any appeal or other action for which a bond may be required.
F. Notwithstanding any other provision of this chapter,  a federal home loan bank may not be stayed,  enjoined or prohibited from exercising or enforcing any right or cause of action against collateral pledged by an insurer member under any federal home loan bank security agreement or any pledge,  security,  collateral or guarantee agreement or other similar arrangement or credit enhancement relating to a security agreement to which that federal home loan bank is a party.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-615 - Grounds for rehabilitation of domestic insurers

20-615.
Grounds for rehabilitation of domestic insurers
The director may apply to the court for an order appointing the director as receiver of and directing the director to rehabilitate a domestic insurer upon one or more of the following grounds:
1. That the insurer is impaired or insolvent.
2. That the insurer has refused to submit its books,  records,  accounts or affairs to reasonable examination by the director.
3. That the insurer has failed to comply with an order of the director to make good an impairment of capital or surplus,  or both.
4. That the insurer has transferred or attempted to transfer substantially its entire property or business,  or has entered into any transaction the effect of which is to merge substantially its entire property or business in that of any other insurer without having first obtained the written approval of the director.
5. That the insurer has wilfully violated its charter or any law of this state.
6. That the insurer has an officer,  director or manager who has refused to be examined under oath concerning its affairs,  for which purpose the director is authorized to conduct and to enforce by all appropriate and available means any such examination under oath in any other state or territory of the United States,  in which any such officer,  director or manager may then presently be,  to the full extent permitted by the laws of such other state or territory,  this special authorization considered.
7. That the insurer has been the subject of an application for the appointment of a receiver,  trustee,  custodian or sequestrator of the insurer or its property otherwise than pursuant to the provisions of this title,  but only if such appointment has been made or is imminent and its effect is or would be to oust the courts of this state of jurisdiction under this section.
8. That the insurer has consented to such an order through a majority of its directors,  stockholders,  members or subscribers.
9. That the insurer has failed to pay a final judgment rendered against it in this state upon any insurance contract issued or assumed by it,  within thirty days after the judgment became final or within thirty days after the time for taking an appeal has expired,  or within thirty days after dismissal of an appeal before final termination,  whichever date is later.
10. That an authorized control level event or mandatory control level event has occurred with respect to the insurer as prescribed in chapter 2,  article 12 of this title.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-616 - Grounds for liquidation

20-616.
Grounds for liquidation
The director may apply to the court for an order appointing him as receiver,  if his appointment as receiver is not then in effect,  and directing him to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this state,  regardless of whether or not there has been a prior order directing him to rehabilitate such insurer,  upon any of the grounds specified in section 20-615,  or if such insurer:
1. Has ceased transacting business for a period of one year.
2. Is an insolvent insurer and has commenced voluntary liquidation or dissolution,  or attempts to commence or prosecute any action or proceeding to liquidate its business or affairs,  or to dissolve its corporate charter,  or to procure the appointment of a receiver,  trustee,  custodian or sequestrator under any law except this title.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-617 - Grounds for conservation of foreign insurers

20-617.
Grounds for conservation of foreign insurers
The director may apply to the court for an order appointing him as receiver or ancillary receiver,  and directing him to conserve the assets within this state,  of a foreign insurer upon any of the following grounds:
1. Upon any of the grounds specified in sections 20-615 or 20-616.
2. Upon the ground that its property has been sequestrated in its domiciliary sovereignty or in any other sovereignty.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-618 - Grounds for conservation of alien insurers

20-618.
Grounds for conservation of alien insurers
The director may apply to the court for an order appointing him as receiver or ancillary receiver,  and directing him to conserve the assets within this state,  of any alien insurer upon any of the following grounds:
1. Upon any of the grounds specified in sections 20-615 or 20-616.
2. Upon the ground that the insurer has failed to comply,  within the time designated by the director,  with an order made by him to make good an impairment of its trusteed funds.
3. Upon the ground that the property of the insurer has been sequestrated in its domiciliary sovereignty or elsewhere.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-619 - Grounds for ancillary liquidation of foreign insurers

20-619.
Grounds for ancillary liquidation of foreign insurers
The director may apply to the court for an order appointing the director as ancillary receiver of and directing the director to liquidate the business of a foreign insurer having assets,  business or claims in this state upon the occurrence of either:
1. The appointment in the domiciliary state of the insurer of any receiver,  liquidator,  conservator,  rehabilitator or other officer by whatever name called for the purpose of liquidating the business of the insurer.
2. A mandatory control level event as prescribed by chapter 2,  article 12 of this title,  if any receiver,  liquidator,  conservator,  rehabilitator or other officer by whatever name called is not appointed in the insurer's domiciliary state.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-620 - Order of rehabilitation; termination

20-620.
Order of rehabilitation;  termination
A. An order to rehabilitate a domestic insurer shall direct the receiver to take immediate possession of the property of the insurer,  to conduct its business and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary as the court may direct.
B. If at any time the receiver deems that further efforts to rehabilitate the insurer would be useless,  he may apply to the court for an order of liquidation.
C. The receiver,  or any interested person upon due notice to the receiver,  at any time may apply to the court for an order terminating the rehabilitation proceedings and permitting the insurer to resume possession of its property and the conduct of its business,  but no such order shall be granted except when,  after a full hearing,  the court has determined that the purposes of the proceeding have been fully accomplished.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-621 - Order of liquidation of domestic insurers

20-621.
Order of liquidation of domestic insurers
A. An order to liquidate the business of a domestic insurer shall direct the receiver to take immediate possession of the property of the insurer,  to liquidate its business,  to deal with the insurer's property and business in the receiver's own name as receiver or in the name of the insurer,  as the court may direct,  and to give notice to all creditors who have claims against the insurer to present such claims.
B. The receiver may apply for and secure an order dissolving the corporate existence of a domestic insurer upon his application for an order of liquidation of the insurer or at any time after such order has been granted.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-622 - Order of liquidation of alien insurers

20-622.
Order of liquidation of alien insurers
An order to liquidate the business of a United States branch of an alien insurer having trusteed assets in this state shall be in the same terms as those prescribed for domestic insurers,  except that the assets of the business of such United States branch shall be the only assets included therein.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-623 - Order of conservation or ancillary liquidation of foreign or alien insurers

20-623.
Order of conservation or ancillary liquidation of foreign or alien insurers
A. An order to conserve the assets of a foreign or alien insurer shall require the director as ancillary receiver to take immediate possession of the property of the insurer within this state and to conserve it,  subject to the further direction of the court.
B. An order to liquidate the assets in this state of a foreign insurer shall require the director as ancillary receiver to take immediate possession of the property of the insurer within this state and to liquidate it subject to the orders of the court and with due regard to the rights and powers of the domiciliary receiver,  as provided in this article.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-623.01 - Conduct of all delinquency proceedings

20-623.01.
Conduct of all delinquency proceedings
A. In any delinquency proceeding,  the receiver may appoint one or more special deputy receivers to act for the receiver and may employ,  as the receiver deems necessary,  counsel,  clerks and assistants. Subject to the approval of the court,  the receiver shall fix the compensation of the special deputies,  counsel,  clerks or assistants and all expenses of taking possession of the insurer and of conducting the proceeding and shall use the funds or assets of the insurer to pay the compensation and expenses. Subject to the limits of duties imposed on a special deputy,  in any delinquency proceeding the special deputy possesses all of the powers given to the receiver and,  in the exercise of those powers,  is subject to all of the duties imposed on the receiver.
B. No person except the receiver may cancel or terminate an insurance policy under which another insurer who is the subject of a delinquency proceeding is included in the policy as an owner or insured,  based on the director or receiver instituting the delinquency proceeding or any other action pursuant to this article.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-624 - Conduct of delinquency proceedings against domestic and alien insurers

20-624.
Conduct of delinquency proceedings against domestic and alien insurers
A. If under this article a receiver is to be appointed in delinquency proceedings for a domestic or alien insurer,  the court shall appoint the director as receiver. The court shall order the receiver to take immediate possession of the assets of the insurer and to administer them under the orders of the court.
B. As domiciliary receiver,  the director is vested by operation of law with the title to all of the property,  contracts and rights of action and all of the books and records of the insurer,  wherever located,  as of the date of entry of the order directing the director to rehabilitate or liquidate a domestic insurer or to liquidate the United States branch of an alien insurer domiciled in this state,  and the director shall have the right to recover the assets and reduce them to possession,  except that ancillary receivers in reciprocal states,  as to assets located in their respective states,  shall have the rights and powers that are prescribed in this article for ancillary receivers appointed in this state as to assets located in this state.
C. The recording of a certified copy of the order directing possession to be taken in the office of the county recorder of the county where the proceedings are pending shall impart the same notice as would be imparted by a deed,  a bill of sale or any other evidence of title duly recorded or filed.
D. The director as domiciliary receiver shall be responsible for the proper administration of all assets coming into the director's possession or control. The court may at any time require a bond from the director or the director's deputies if deemed desirable for the protection of the assets.
E. On taking possession of the assets of an insurer,  the domiciliary receiver,  subject to the direction of the court,  shall immediately proceed to conduct the business of the insurer or to take such steps as are authorized by this article for the purpose of rehabilitating,  liquidating or conserving the affairs or assets of the insurer.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-625 - Conduct of delinquency proceedings against foreign insurers

20-625.
Conduct of delinquency proceedings against foreign insurers
A. If under this article an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state,  the court shall appoint the director as ancillary receiver. The director shall file a petition requesting the appointment on the grounds set forth in section 20-619 if the director finds that there are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver,  or if ten or more persons resident in this state having claims against the insurer file a petition with the director requesting the appointment of an ancillary receiver.
B. The domiciliary receiver,  for the purpose of liquidating an insurer domiciled in a reciprocal state,  shall be vested by operation of law with the title to all of the property,  contracts and rights of action and all of the books and records of the insurer located in this state and the domiciliary receiver shall have the immediate right to recover balances due from local agents and to obtain possession of any books and records of the insurer found in this state. The domiciliary receiver shall also be entitled to recover the other assets of the insurer located in this state,  except that on the appointment of an ancillary receiver in this state,  the ancillary receiver shall during the ancillary receivership proceedings have the sole right to recover such other assets. The ancillary receiver,  as soon as practicable,  shall liquidate from its respective securities those special deposit claims and secured claims that are proved and allowed in the ancillary proceedings in this state and shall pay the necessary expenses of the proceedings. The ancillary receiver shall promptly transfer all remaining assets to the domiciliary receiver. Subject to the foregoing provisions,  the ancillary receiver and the ancillary receiver's deputies shall have the same powers and be subject to the same duties with respect to the administration of such assets as a receiver of an insurer domiciled in this state.
C. The domiciliary receiver of an insurer domiciled in a reciprocal state may sue in this state to recover any assets of the insurer to which the domiciliary receiver may be entitled under the laws of this state.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-626 - Claims of nonresidents against domestic insurers

20-626.
Claims of nonresidents against domestic insurers
A. In a delinquency proceeding begun in this state against a domestic insurer,  claimants residing in reciprocal states may file claims either with the ancillary receivers,  if any,  in their respective states,  or with the domiciliary receiver. All such claims shall be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.
B. Controverted claims belonging to claimants residing in reciprocal states may either be proved in this state,  or if ancillary proceedings have been commenced in such reciprocal states,  may be proved in those proceedings. In the event a claimant elects to prove his claim in ancillary proceedings,  if notice of the claim and opportunity to appear and be heard is afforded the domiciliary receiver of this state as provided in section 20-627 with respect to ancillary proceedings in this state,  the final allowance of such claim by the courts in the ancillary state shall be accepted in this state as conclusive as to its amount and shall also be accepted as conclusive as to its priority,  if any,  against special deposits or other security located within the ancillary state,  but shall not be conclusive as to its priority against general assets under section 20-629.
2023 Arizona Revised Statutes › Title 20 - Insurance › § 20-627 - Claims against foreign insurers

20-627.
Claims against foreign insurers
A. In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state,  claimants against the insurer who reside within this state may file claims either with the ancillary receiver,  if any,  appointed in this state,  or with the domiciliary receiver. All such claims shall be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.
B. Controverted claims belonging to claimants residing in this state may either be proved in the domiciliary state as provided by the law of that state,  or if ancillary proceedings have been commenced in this state,  be proved in those proceedings. In the event that any such claimant elects to prove his claim in this state,  he shall file his claim with the ancillary receiver and shall give notice in writing to the receiver in the domiciliary state,  either by registered mail or by personal service at least forty days prior to the date set for hearing. The notice shall contain a concise statement of the amount of the claim,  the facts on which the claim is based,  and the priorities asserted,  if any. If the domiciliary receiver within thirty days after the giving of such notice shall give notice in writing to the ancillary receiver and to the claimant,  either by registered mail or by personal service,  of his intention to contest such claim,  he shall be entitled to appear or to be represented in any proceeding in this state involving adjudication of the claim. The final allowance of the claim by the courts of this state shall be accepted as conclusive as to its amount and shall also be accepted as conclusive as to its priority,  if any,  against special deposits or other security located within this state.