reglab/statecodes huggingface dataset:
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-205 - Local or Regional Retaliatory Tax Information

Current through Register Vol. 30, No. 28, July 12, 2024
A. Definitions.
1. "Addition to the rate of tax" means the
				tax rate determined under subsection (D) to be applied under A.R.S.
				20-230(A)  and
				this Section to foreign or alien insurers domiciled in a foreign country or
				other state that impose local or regional taxes.
2. "Alien insurer" has the meaning prescribed
				in A.R.S. §
										20-201.
3. "Arizona life insurer" means a domestic
				insurer authorized to issue life insurance policies in this state within the
				meaning of A.R.S. §
										20-254 or annuities within the
				meaning of A.R.S. §
										20-254.01, regardless of whether
				the insurer is authorized to transact disability insurance in this
				state.
4. "Department" means the
				Arizona Department of Insurance and Financial Institutions.
5. "Director" has the meaning prescribed in
				A.R.S. §
										20-102.
6. "Domestic insurer" has the meaning
				prescribed in A.R.S. §
										20-203.
7. "Foreign insurer" has the meaning
				prescribed in A.R.S. §
										20-204.
8. "Foreign or alien life insurer" means a
				foreign or alien insurer authorized to issue life insurance policies in this
				state within the meaning of A.R.S. §
										20-254 or annuities within the
				meaning of A.R.S. §
										20-254.01, regardless of whether
				the insurer is authorized to transact disability insurance in this
				state.
9. "Local or regional taxes"
				means any tax, license, or other obligation imposed upon domestic insurers or
				their producers by any:
a. City, county, or
				other political subdivision of a foreign country or other state; or
b. Combination of cities, counties, or other
				political subdivisions of a foreign country or other state.
10. "Other Arizona insurer" means
				a domestic insurer authorized to transact one or more lines of insurance in
				this state but not authorized to transact life insurance or annuities in this
				state.
11. "Other foreign or alien
				insurer" means a foreign or alien insurer authorized to transact one or more
				lines of insurance in this state but not authorized to transact life insurance
				or annuities in this state.
12.
				"Other state" means any state in the United States, the District of Columbia,
				and territories or possessions of the United States, excluding
				Arizona.
13. "Premium Tax and Fees
				Report," includes the "Survey of Arizona Domestic Insurers" and the
				"Retaliatory Taxes and Fees Worksheet," and means the form prescribed by the
				Director and filed annually by insurers under A.R.S. §
										20-224.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-207 - Gender Discrimination

Current through Register Vol. 30, No. 28, July 12, 2024
A. The
				following definitions apply to this Section:
1. "Applicant" means a person who is applying
				for a policy.
2. "Policy" means an
				insurance policy, plan, contract, certificate, evidence of coverage,
				subscription contract, or binder, including a rider or endorsement offered by
				an insurer.
3. "Insurer" means any
				company that issues a policy.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-208 - Group Coverage Discontinuance and Replacement

Current through Register Vol. 30, No. 28, July 12, 2024
A. Definitions. The following definitions
				apply in this Section:
1. "Group insurance"
				means an insurance benefit that meets all the following conditions:
a. Coverage is provided through insurance
				policies or subscriber contracts to classes of employees or members defined in
				terms of conditions pertaining to employment or membership;
b. The coverage is not available to the
				general public and can be obtained and maintained only because of the covered
				person's membership in or connection with the particular organization or
				group;
c. Coverage is paid for by
				bulk payment of premiums to the insurer; and
d. An employer, union, or association
				sponsors the plan.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-209 - Life Insurance Solicitation

Current through Register Vol. 30, No. 28, July 12, 2024
A. Scope.
1. This Section applies to any solicitation,
				negotiation, or procurement of life insurance occurring in Arizona. This
				Section applies to any issuer of life insurance contracts, including fraternal
				benefit societies.
2. Unless
				otherwise specifically included, the Section does not apply to:
a. Annuities,
b. Credit life insurance,
c. Group life insurance,
d. Life insurance policies issued in
				connection with a pension and welfare plan as defined by and subject to the
				federal Employee Retirement Income Security Act of 1974 (ERISA),
				29 U.S.C.
				1001 et seq.; or
e. Variable life insurance under which the
				death benefits and cash values vary according to unit values of investments
				held in a separate account.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-210 - Readable and Understandable Policy: Private Passenger Automobile, Homeowner, Personal Line Dwelling, and Mobile Homeowner

Current through Register Vol. 30, No. 28, July 12, 2024
A. Definitions. The following definitions
				apply in this Section:
1. "Readable insurance
				policy" means a policy that can be read and reasonably understood by a person
				without special knowledge or training.
2. "Policy" means a contract or agreement for
				insurance, or an insurance certificate regardless of the name used, and
				includes all clauses, endorsements, and papers attached or
				incorporated.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-211 - Discrimination on the Basis of Blindness or Partial Blindness

Current through Register Vol. 30, No. 28, July 12, 2024
A. Definitions. The following definitions
				apply in this Section:
1. "Policy" means a
				contract or agreement for or effecting insurance, or a certificate of
				insurance, regardless of the name used, and includes all clauses, riders,
				endorsements, and attached papers.
2. "Person" has the same meaning prescribed
				in A.R.S. §
										20-105.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-212 - Forms for Replacement of Life Insurance Policies and Annuities

Current through Register Vol. 30, No. 28, July 12, 2024
An insurer shall use the following forms of the National
				  Association of Insurance Commissioners Model Regulations (and no future
				  editions or amendments), which are incorporated by reference and available at
				  the Department of Insurance and Financial Institutions, Division of Insurance,
				  100 N. 15th Ave., Suite 261, Phoenix, AZ 85007-2630 and the National
				  Association of Insurance Commissioners, Publications Department, 1100 Walnut
				  Street, Suite 1500, Kansas City, MO 64106-2197:
1. For the purposes of meeting the
				requirements of A.R.S. §
									20-1241.03(C):
				Life Insurance and Annuities Replacement Model Regulation (MDL 613), Appendix A
				- Important Notice: Replacement of Life Insurance or Annuities, 2015, and no
				future editions.
2. For the
				purposes of meeting the requirements of A.R.S. §
									20-1241.07(A):
				Life Insurance and Annuities Replacement Model Regulation (MDL 613), Appendix B
				- Notice Regarding Replacing Your Life Insurance Policy or Annuity?, 2015, and
				no future editions.
3. For the
				purpose of meeting the requirements of A.R.S. §
									20-1241.07(B)(2):
				Life Insurance and Annuities Replacement Model Regulation (MDL 613), Appendix C
				- Important Notice: Replacement of Life Insurance or Annuities, 2015, and no
				future editions.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-212.01 - Buyer's Guide for Annuities

Current through Register Vol. 30, No. 28, July 12, 2024
An insurer shall use the following publication of the
				  National Association of Insurance Commissioners (and no future editions), which
				  are incorporated by reference and available at the Department of Insurance and
				  Financial Institutions, Division of Insurance, 100 N. 15th Ave., Suite 261,
				  Phoenix, AZ 85007-2630 and the National Association of Insurance Commissioners,
				  Publications Department, 1100 Walnut Street, Suite 1500, Kansas City, MO
				  64106-2197:
For the purpose of meeting the requirements of A.R.S. §
									20-1242.02
				  regarding a Buyer's Guide: Buyer's Guide for Deferred Annuities, -
Fixed
,. 2013, and no future editions.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-212.02 - Standards for Annuity Illustrations

Current through Register Vol. 30, No. 28, July 12, 2024
A. Definitions. The definitions in A.R.S.
				§
									20-1242
				and this Section apply to this Section.
"Illustration" means a personalized presentation or
				  depiction prepared for and provided to an individual consumer that includes
				  non-guaranteed elements of an annuity contract over a period of years.
"Indexing Method" means point-to-point, dialing averaging or
				  monthly averaging.
"Index Term" means the period over which indexed-based
				  interest is calculated.
"Market Value Adjustment" or "MVA" means a feature that is a
				  positive or negative adjustment that may be applied to the account value and/or
				  cash value of the annuity upon withdrawal, surrender, contract annuitization or
				  death benefit payment based on either the movement of an external index or on
				  the company's current guaranteed interest rate being offered on new premiums or
				  new rates for renewal periods, if that withdrawal, surrender, contract
				  annuitization or death benefit payment occurs at a time other than on a
				  specified guaranteed benefit date.
"Registered product" means an annuity contract or life
				  insurance policy subject to the prospectus delivery requirements of the
				  Securities Act of 1933.
B.
				An insurer or producer may elect to provide a consumer an illustration at any
				time, provided that the illustration is in compliance with this Section and:
1. Is clearly labeled as an
				illustration;
2. Includes a
				statement referring customers to the disclosure document and buyer's guide
				provided to them at time of purchase for additional information about their
				annuity; and
3. Is prepared by the
				insurer or third party using software that is authorized by the insurer prior
				to its use, provided that the insurer maintains a system of control over the
				use of the illustration.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-213 - Life and Disability Insurance Policy Language Simplification

Current through Register Vol. 30, No. 28, July 12, 2024
A. Definitions. The
				following definitions apply in this Section:
1. "Company" or "insurer" means any life or
				disability insurance company, benefit insurer, benefit stock insurer, prepaid
				dental plan organizations, health care service organizations, and all similar
				type organizations.
2. "Director"
				means the Director of Insurance of Arizona.
3. "Policy" or "policy form" means any
				policy, contract, plan or agreement of life or disability insurance, including
				credit life insurance and credit disability insurance, delivered or issued for
				delivery in the state by any company subject to this rule; and any certificate
				issued under a group insurance policy delivered or issued for delivery in this
				state.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-214 - Coordination of Benefits

Current through Register Vol. 30, No. 28, July 12, 2024
A.
				Applicability.
1. This Section applies to
				all:
a. Group disability insurance
				policies;
b. Group subscriber
				contracts of hospital and medical service corporations and health care services
				organizations;
c. Group disability
				policies of benefit insurers; and
d. Group-type contracts that contain a
				coordination of benefits provision, are not available to the general public,
				and can be obtained and maintained only because of the covered person's
				membership in or connection with a particular organization. Group-type
				contracts that meet this description are included regardless of whether
				denominated as "franchise," "blanket," or some other designation.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 2 - TRANSACTION OF INSURANCE › Section R20-6-217 - Renumbered

Current through Register Vol. 30, No. 28, July 12, 2024
Editor's Note: The
				  following Section expired under A.R.S. §
										41-1056(E)
				   on September 30, 2001 at 8 A.A.R. 491. The
				  Notice of Rule Expiration was not received until January 9, 2002. Therefore,
				  the repeal of the rule noted in the Historical Note is moot (Supp.
				  02-1).
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 3 - FINANCIAL PROVISIONS AND PROCEDURES › Section R20-6-303 - Termination of Certificate of Authority and Release of Deposit

Current through Register Vol. 30, No. 28, July 12, 2024
A. Domestic
				Insurers. To request termination of a certificate of authority and, if
				applicable, release of statutory deposit, a domestic insurer shall file all of
				the following with the director:
1. A written
				request for termination of certificate of authority and release of
				deposit;
2. The insurer's original
				certificate of authority or an affidavit of lost certificate of
				authority;
3. A statement of the
				insurer's financial condition as of a date within 60 days of the filing date of
				the request for termination that includes a written statement, signed by two
				officers of the insurer as authorized on the jurat page of the insurer's most
				recent annual statement, verifying that the statement of financial condition
				reflects the insurer's financial position as of the date signed.
4. A plan of extinguishment for its
				outstanding liabilities that satisfies the requirements of subsection (C) or a
				sworn affidavit stating that the insurer has no outstanding liabilities to
				policyholders or claimants under subsection (C);
5. A certified copy of the insurer's Board of
				Directors resolution or other documentation of the insurer's official action
				taken according to the insurer's statutorily required organizational documents
				approving the insurer's:
a. Withdrawal from
				the insurance business,
b.
				Dissolution of the insurer,
c.
				Merger with an insurer authorized in Arizona to transact the insurer's
				previously written and active lines of business of the insurer requesting
				termination, or
d. Transfer of
				domicile to another state or country.
6. A copy of the insurer's Articles of
				Dissolution, Articles of Merger, Articles of Amendment, Articles of
				Redomestication, or other documentation that the insurer intends to file with
				the Arizona Corporation Commission after issuance of the Director's order as
				provided in subsection (D)(2);
7.
				If requested by the director, a written agreement that guarantees payment of
				substantially all liabilities of the domestic insurer, other than obligations
				extinguished under subsection (C).
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 3 - FINANCIAL PROVISIONS AND PROCEDURES › Section R20-6-307 - Life and Disability Reinsurance Agreements

Current through Register Vol. 30, No. 28, July 12, 2024
A. Scope. This rule
				applies to all domestic life and disability insurers and reinsurers, and to all
				other licensed life and disability insurers and accredited resinsurers that are
				not subject to a substantially similar rule in their jurisdictions of domicile.
				This rule applies to the disability business of licensed property and casualty
				insurers. This rule does not apply to assumption reinsurance, yearly renewable
				term reinsurance, or nonproportional stop loss or catastrophe reinsurance, or
				similar forms of nonproportional reinsurance.
B. Definitions
1. "Agreement" means a reinsurance agreement
				and any amendment to a reinsurance agreement.
2. "Credit Quality" means the risk that
				invested assets supporting the reinsured business will decrease in value but
				excludes decreases to changes in interest rate.
3. "Department" means the Arizona Department
				of Insurance and Financial Institutions - Insurance Division.
4. "Director" has the same meaning as A.R.S.
				§ 20-102.
5.
				"Disintermediation" means the risk that interest rates will rise and policy
				loans and surrenders will increase or maturing contracts will not renew at
				anticipated rates of renewal.
6.
				"Lapse" means the risk that a policy will voluntarily terminate before the
				recoupment of a statutory surplus strain experienced at issuance of the
				policy.
7. "Reinvestment" means the
				risk that interest rates will fall and funds reinvested will therefore earn
				less than expected.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 3 - FINANCIAL PROVISIONS AND PROCEDURES › Table A - Risk Categories

Current through Register Vol. 30, No. 28, July 12, 2024
Risk Categories:
(a). Morbidity (d). Credit Quality
(b). Mortality (e). Reinvestment
(c). Lapse (f). Disintermediation
a b c d e f
Disability Insurance, other than long-term care or long-term
				  disability insurance + 0 + 0 0 0
Long-term care or long-term disability insurance + 0 + + +
				  0
Immediate Annuities 0 + 0 + + 0
Single Premium Deferred Annuities 0 0 + + + +
Flexible Premium Deferred Annuities 0 0 + + + +
Guaranteed Interest Contracts 0 0 0 + + +
Other Annuity Deposit Business 0 0 + + + +
Single Premium Whole Life 0 + + + + +
Traditional Non-par Permanent Life 0 + + + + +
Traditional Non-par Term Life 0 + + 0 0 0
Traditional Par Permanent Life 0 + + + + +
Traditional Par Term Life 0 + + 0 0 0
Adjustable Premium Permanent Life 0 + + + + +
Indeterminate Premium Permanent Life 0 + + + + +
Universal Life Flexible Premium 0 + + + + +
Universal Life Fixed Premium, with dump-in premiums allowed 0
				  + + + + +
+ - Significant 0 - Insignificant
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 3 - FINANCIAL PROVISIONS AND PROCEDURES › Section R20-6-310 - Corporate Governance

Current through Register Vol. 30, No. 28, July 12, 2024
The purpose of Sections R20-6-310.01 through R20-6-310.03 is
				  to set forth procedures for filing and the required contents of the Corporate
				  Governance Annual Disclosure (CGAD) deemed necessary by the Director to carry
				  out the provisions of Title 20, Chapter 2, Article 16 on Corporate
				  Governance.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 3 - FINANCIAL PROVISIONS AND PROCEDURES › Section R20-6-310.01 - Definitions

Current through Register Vol. 30, No. 28, July 12, 2024
The definitions in A.R.S. §
									20-492 and this Section apply to
				  Sections R20-6-310.02 through R20-6-310.04.
"CGAD" means Corporate Governance Annual Disclosure.
"NAIC" means National Association of Insurance
				  Commissioners.
"Senior Management" means any corporate officer responsible
				  for reporting information to the board of directors at regular intervals or
				  providing this information to shareholders or regulators and shall include, for
				  example and without limitation, the Chief Executive Officer ("CEO"), Chief
				  Financial Officer ("CFO"), Chief Operations Officer ("COO"), Chief Procurement
				  Officer ("CPO"), Chief Legal Officer ("CLO"), Chief Information Officer
				  ("CIO"), Chief Technology Officer ("CTO"), Chief Revenue Officer ("CRO"), Chief
				  Visionary Officer ("CVO"), or any other "C" level executive.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 3 - FINANCIAL PROVISIONS AND PROCEDURES › Section R20-6-310.02 - Filing Procedures

Current through Register Vol. 30, No. 28, July 12, 2024
A.
				Deadline to file. An insurer, or the insurance group of which the insurer is a
				member, required to file a CGAD by A.A.C. Title 20, Chapter 2, Article 16
				shall, no later than June 1 of each calendar year, submit to the Director a
				CGAD that contains the information described in Section R20-6-310.03.
B. Attestation. The CGAD must include a
				signature of the insurer's or insurance group's CEO or corporate secretary
				attesting to the best of that person's belief and knowledge that the insurer or
				insurance group has implemented the corporate governance practices and that the
				copy of the CGAD has been provided to the insurer's or insurance group's Board
				of Directors or appropriate committee of the Board of Directors.
C. Format of the CGAD. The insurer or
				insurance group shall have discretion regarding the appropriate format for
				providing the information required and is permitted to customize the CGAD to
				provide the most relevant information necessary to permit the Director to gain
				an understanding of the corporate governance structure, policies and practices
				utilized by the insurer or insurance group.
D. Insurer or insurance group to determine
				level of reporting.
1. For purposes of
				completing the CGAD, the insurer or insurance group may choose to provide
				information on governance activities that occur at the ultimate controlling
				parent level, an intermediate holding company level and/or the individual legal
				entity level, depending on how the insurer or insurance group has structured
				its system of corporate governance.
2. The insurer or insurance group is
				encouraged to make the CGAD disclosures at:
a.
				The level at which the insurer's or insurance group's risk appetite is
				determined,
b. The level at which
				the earnings, capital, liquidity, operations, and reputation of the insurer are
				overseen collectively and at which the supervision of those factors are
				coordinated and exercised, or
c.
				The level at which legal liability for failure of general corporate governance
				duties would be placed.
3. If the insurer or insurance group
				determines the level of reporting based on the criteria in subsection (D)(2),
				it shall indicate which of the three criteria was used to determine the level
				of reporting and explain any subsequent changes in the level of
				reporting.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 3 - FINANCIAL PROVISIONS AND PROCEDURES › Section R20-6-310.03 - Contents of CGAD

Current through Register Vol. 30, No. 28, July 12, 2024
A. Inclusion of
				attachments. The insurer or insurance group shall be as descriptive as possible
				in completing the CGAD, with inclusion of attachments or example documents that
				are used in the governance process, since these may provide a means to
				demonstrate the strengths of their governance framework and
				practices.
B. Board. The CGAD shall
				describe the insurer's or insurance group's corporate governance framework and
				structure including consideration of the following:
1. The Board and its various committees
				ultimately responsible for overseeing the insurer or insurance group and the
				level or levels at which that oversight occurs (e.g., ultimate control level,
				intermediate holding company, legal entity, etc.). The insurer or insurance
				group shall describe and discuss the rationale for the current Board size and
				structure; and
2. The duties of the
				Board and each of its significant committees and how they are governed (e.g.,
				bylaws, charters, informal mandates, etc.), as well as how the Board's
				leadership is structured, including a discussion of the roles of the Chief
				Executive Officer (CEO) and Chairman of the Board within the
				organization.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 3 - FINANCIAL PROVISIONS AND PROCEDURES › Section R20-6-310.04 - Severability Clause

Current through Register Vol. 30, No. 28, July 12, 2024
If any provision of this Section, or the application thereof
				  to any person or circumstance, is held invalid, such determination shall not
				  affect other provisions or applications of this Section which can be given
				  effect without the invalid provision or application, and to that end the
				  provisions of this Section are severable.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 4 - TYPES OF INSURANCE COMPANIES › Section R20-6-401 - Proxies, Consents, and Authorizations of Domestic Stock Insurers

Current through Register Vol. 30, No. 28, July 12, 2024
A. The
				Department incorporates by reference National Association of Insurance
				Commissioners Model Laws, Regulations and Guidelines, Volume III, pp. 490-1
				through 490-33, Regulation Regarding Proxies, Consents, and Authorization of
				Domestic Stock Insurers, April 1995 (and no future editions or amendments),
				which is on file with and available from the Department of Insurance, 100 N.
				15th Ave., Suite 261, Phoenix, AZ 85007-2630, the Department's website:
https://difi.az.gov/insurance-division-rulemaking
,
				and the National Association of Insurance Commissioners, Publications
				Department, 1100 Walnut Street, Suite 1500, Kansas City, MO 64106-2197,
				modified as follows:
Section 1 A is modified to read: "No domestic stock insurer
				  that has any class of equity securities held of record by 100 or more persons,
				  or any director, officer or employee of that insurer, or any other person,
				  shall solicit, or permit the use of the person's name to solicit, by mail or
				  otherwise, any proxy, consent, or authorization in respect to any class of
				  equity securities in contravention of this regulation and Schedules A and B,
				  hereby made a part of this regulation.
B. Domestic stock insurance companies shall
				comply with this Section as required under A.R.S. §
									20-143(B).
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 4 - TYPES OF INSURANCE COMPANIES › Section R20-6-405 - Health Care Services Organization

Current through Register Vol. 30, No. 28, July 12, 2024
A.
Scope
1. The scope of this Section is
				the scope of A.R.S. Title 20 as it relates to Insurers or Hospital or Medical
				Service Corporations. As it relates to Health Care Services Organizations, the
				scope of this Section is the scope of Title 20, Chapter 1 and Title 20, Chapter
				4, Article 9, as provided in A.R.S. §
										20-1068. This Section is
				applicable to agents of persons, and persons operating or proposing to operate
				Health Care Services Organizations in the State of Arizona.
2. The statutory authority for this Section,
				A.R.S. Title 20, Chapter 4, Article 9, does not provide for exemptions for
				persons or agents of persons subject to A.R.S. Title 20, Chapter 4, Article 9,
				and no such exemption is intended or should be presumed by this Section or any
				provision of this Section.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 4 - TYPES OF INSURANCE COMPANIES › Section R20-6-407 - Service Companies

Current through Register Vol. 30, No. 28, July 12, 2024
A. Scope. This rule
				shall apply to all service companies except those that are exempt under A.R.S.
				"§
									20-1095.02.
B. Definitions. The definitions in A.R.S.
				"§
									20-1095 apply to this rule.
1. "Contract Holder" has the same meaning as
				"consumer" as defined in A.R.S. "§
										20-1095(1).
2. "Department" means the Arizona Department
				of Insurance and Financial Institutions, Insurance Division.
3. "Director" means the Director of the
				Department.
4. "Insolvent" as used
				in A.R.S. "§
										20-1095.08(3) 
				means total liabilities are equal to or exceed total assets.
5. "Provider" means a person who is
				contractually obligated to the service contract holder under the terms of a
				service contract. "Provider" is synonymous with "service company" and "obligor"
				as defined in A.R.S. "§
										20-1095(6).
6. "Reasonable time" or "Reasonable period of
				time:"
a. As used in A.R.S. "§
											20-1095.06(C)(2),
				means at the time of purchase or mailed or electronically delivered but not
				more than 10 business days after the purchase date of the contract. The service
				company must be able to provide proof of delivery if requested by the
				Department.
b. As used in A.R.S.
				"§
											20-1095.09(A)(4),
				is what an ordinary person would consider "reasonable" under the totality of
				the circumstances.
7.
				"Solvent" as used in A.R.S. "§
										20-1095.03(A)(1) 
				means total assets exceed total liabilities.
8. "Subcontractor" means a person or business
				having a contractual relationship with a service company to provide work or
				services which a service company has agreed to perform under a service
				contract. If required by the type of work being performed, all subcontractors
				must be licensed.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 4 - TYPES OF INSURANCE COMPANIES › Section R20-6-409 - Hospital, Medical, Dental, and Optometric Service Corporations

Current through Register Vol. 30, No. 28, July 12, 2024
A.
				Applicability. This rule applies to all subscription contracts issued by
				hospital, medical, dental and optometric service corporations.
B. Subscription contract provision.
				Subscription contracts of hospital, medical, dental and optometric service
				corporations subject to the provisions of Article 3, Chapter 4 of Title 20,
				A.R.S., shall meet the requirements of the following Sections:
1.
										R20-6-201. Advertisements of
				Health,
2.
										R20-6-207. Gender
				Discrimination,
3.
										R20-6-208. Group Coverage
				Discontinuance and Replacement,
4.
										R20-6-211. Discrimination on the
				Basis of Blindness or Partial Blindness,
5. R20-6-213. Life and Disability Insurance
				Policy Language Simplification, and
6.
										R20-6-607. Reasonableness of
				Benefits in Relation to Premium Charged.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 5 - THE INSURANCE CONTRACT › Section R20-6-501 - Ten-day Period to Examine Disability Insurance Policy

Current through Register Vol. 30, No. 28, July 12, 2024
For the purpose of implementing A.R.S. §§ 20-442,
				  20-443, 20-826, 20-1111 and 20-1113 and to make more specific the regulation
				  therein provided relative to policies of individual disability insurance
				  (accident and sickness, hospitalization, medical, surgical and loss of time)
				  issued in the State of Arizona and further to provide satisfactory public
				  remedy against the hazards of misunderstanding by an applicant, of deception
				  and coercion by an agent and of certain policy exclusions and limitations that
				  cheapen the value of coverage, the Insurance Department of Arizona adopts the
				  following rule:
1. Each policy of
				individual disability insurance, except one for which no provision for renewal
				is made, issued for delivery in the State of Arizona on or after October 1,
				1961, by an insurance company or by a hospital or medical service corporation
				shall have printed on the first page thereof or attached thereto or endorsed
				thereupon in prominent style a notice declaring that, during a period of 10
				days (or, at the insurer's option, a longer period) from the date of delivery
				to the policyholder, such policy may be returned for cancellation to the
				insurer at its home office (or, at the insurer's option, to its branch office
				or to the agent through whom it was purchased) and declaring further that in
				the event of such return the insurer will refund the entirety of any premium
				paid therefor, including any policy fees or other charges, and that the policy
				shall be deemed void from the beginning and that the parties shall be returned
				to their original position as if no policy had been issued.
2. The Insurance Department does not specify
				the particular language the notice shall contain but prefers usage of a
				phraseology approximately along the lines of either the longer (Form A) or
				shorter (Form B) sample below:
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Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 6 - TYPES OF INSURANCE CONTRACTS › Section R20-6-601 - Regulations Governing Bail Transactions

Current through Register Vol. 30, No. 28, July 12, 2024
A. General provisions
1. Effective date
a. These regulations are effective November
				1, 1960. On and after date, no bail transaction or severable portion thereof
				shall be conducted, directly or indirectly except in full conformity
				herewith.
b. No surety insurer
				shall furnish for use and no bail bond agent shall use any forms or documents
				which contain any provisions contrary to these regulations on or after the
				effective date hereof.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 6 - TYPES OF INSURANCE CONTRACTS › Section R20-6-602 - Nationwide Inland Marine Definition

Current through Register Vol. 30, No. 28, July 12, 2024
A. Applicability. This rule applies to risks
				and coverages which may be classified or identified as Marine, Inland Marine or
				Transportation insurance but shall not be construed to mean that the kinds of
				risks and coverages are solely Marine, Inland Marine or Transportation
				insurance in all instances.
This rule shall not be construed to restrict or limit in any
				  way the exercise of any insuring powers granted under charters and license
				  whether used separately, in combination or otherwise.
B. Marine and/or transportation policies may
				cover under the following conditions:
1.
				Imports.
a. Imports may be covered wherever
				the property may be and without restriction as to time, provided the coverage
				of the issuing companies includes hazards of transportation.
b. An import, as a proper subject of marine
				or transportation insurance, shall be deemed to maintain its character as such
				so long as the property remains segregated in such a way that it can be
				identified and has not become incorporated and mixed with the general mass of
				property in the United States, and shall be deemed to have been completed when
				such property has been:
i. Sold and delivered
				by the importer, factor or consignee; or
ii. Removed from place of storage and placed
				on sale as part of the importer's stock in trade at a point of sale or
				distribution; or
iii. Delivered for
				manufacture, processing or change in form to premises of the importer or of
				another for any such purposes.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 6 - TYPES OF INSURANCE CONTRACTS › Section R20-6-604.01 - Rights and Treatment of Debtors

Current through Register Vol. 30, No. 28, July 12, 2024
A. Creditor Obligations.
1. Multiple plans of insurance. If a creditor
				makes more than one plan of credit insurance available to debtors, the creditor
				shall inform each debtor of each plan for which the debtor is eligible and of
				the premium and charges for each plan.
2. Substitution. If a creditor requires a
				debtor to have credit insurance as additional security for a debt, the creditor
				shall inform the debtor in writing of the debtor's right to obtain alternative
				coverage as prescribed in A.R.S. §
										20-1614
				before the loan transaction is completed.
3. Remittance of premiums. If a creditor adds
				an insurance charge or premium to a debt, the creditor shall remit the
				insurance charge or premium to the insurer within 60 days after it is added to
				the debt.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 6 - TYPES OF INSURANCE CONTRACTS › Section R20-6-604.02 - Satisfying the Reasonableness Standard

Current through Register Vol. 30, No. 28, July 12, 2024
A. An insurer shall comply with all
				requirements of A.R.S. §
									20-1610
				regarding premium and insurance charges.
B. An insurer may satisfy the reasonableness
				standard in A.R.S. §
									20-1610(B)
				 if the insurer's premium rate develops a
				loss ratio of not less than 50% for credit life insurance and not less than 60%
				for credit disability insurance.
C.
				While in effect, the rates described in
				R20-6-604.04
				and
				R20-6-604.05,
				subject to any deviations approved under R20-6-604.08 are conclusively presumed
				to develop the loss ratios described in subsection (B). For purposes of
				prospective effect, the Department may rebut this presumption by disapproving
				or withdrawing approval for the rates as prescribed in A.R.S. §
									20-1610.
D. An insurer may provide coverage other than
				the standard coverage described in
				R20-6-604.04
				and
				R20-6-604.05.
				An insurer that wishes to provide nonstandard coverage shall:
1. File the nonstandard coverage policy
				information as prescribed in A.R.S. §
										20-1609,
				and
2. Demonstrate that the rates
				for the coverage are reasonably expected to develop a loss ratio of not less
				than 50% for credit life insurance and not less than 60% for credit disability
				insurance.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 6 - TYPES OF INSURANCE CONTRACTS › Section R20-6-604.03 - Determination of Prima Facie Rates

Current through Register Vol. 30, No. 28, July 12, 2024
A.
				The Director shall, by order, establish prima facie rates as prescribed in this
				Section.
B. At least once every
				three years, the Director shall:
1. Determine
				the rate of expected claims on a statewide basis;
2. Compare the rate of expected claims with
				the rate of actual claims for the past three years determined from the incurred
				claims and earned premiums at prima facie rates; and
3. If the Director determines that the prima
				facie rates require adjustment, issue a notice of hearing and proposed order
				adjusting the actual statewide prima facie rates. The hearing date on the
				proposed order shall be no earlier than 45 days from the date of the
				notice.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 6 - TYPES OF INSURANCE CONTRACTS › Section R20-6-604.04 - Credit Life Insurance Rates and Provisions

Current through Register Vol. 30, No. 28, July 12, 2024
A. Under the process prescribed in
				R20-6-604.03, the Director shall issue an order establishing prima facie rates
				for credit life insurance.
B. The
				Department shall presume that an insurer meets the loss ratios prescribed in
				R20-6-604.02(B) if the insurer uses the prima facie rates, subject to the
				requirements in this Section and
				R20-6-604.08.
				An insurer may use the prima facie rates without filing additional actuarial
				support.
C. A credit life insurance
				policy shall meet the requirements listed in this Section. The policy shall:
1. Provide coverage for death, by whatever
				means caused, to all eligible debtors, with or without evidence of individual
				insurability for debtors that purchase coverage within 30 days of being
				eligible;
2. Have no exclusions
				other than for:
a. Suicide within six months
				after the effective date of coverage, or
b. A preexisting condition;
3. Have no age restrictions,
				except the following permissible exclusions:
a. An age restriction providing that no
				insurance will become effective on a debtor on or after the attainment of age
				70 and that all insurance shall terminate on a debtor attaining age 70;
				and
b. An age restriction for a
				revolving credit life insurance policy that:
i. Excludes a class of debtors determined by
				age, or
ii. Provides for
				termination of insurance or reduction in the amount of insurance when a debtor
				reaches age 70; and
4. For insurance on revolving accounts, have
				the date on which an advance or charge occurs as the effective date of coverage
				for each part of the insurance attributable to a different advance or a charge
				to the plan account. Any exclusion period or preexisting condition limitation
				shall run separately for each advance or charge.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 6 - TYPES OF INSURANCE CONTRACTS › Section R20-6-604.05 - Credit Disability Insurance Rates and Provisions

Current through Register Vol. 30, No. 28, July 12, 2024
A. Under the process prescribed in
				R20-6-604.03, the Director shall issue an order establishing prima facie rates
				for credit disability insurance.
B.
				The Department shall presume that an insurer meets the loss ratios prescribed
				in
				R20-6-604.02(B)
				if the insurer uses the prima facie rates, subject to the requirements in this
				Section and
				R20-6-604.08.
				An insurer may use the prima facie rates without filing additional actuarial
				support.
C. A credit disability
				insurance policy shall meet the requirements listed in this Section. The policy
				shall:
1. Provide coverage for disability, by
				whatever means caused, to all eligible debtors, with or without evidence of
				individual insurability for debtors that purchase coverage within 30 days of
				becoming eligible;
2. Include a
				definition of disability that is no more restrictive than the following:
a. For the first 12 months of disability, the
				inability of the insured to perform the essential functions of the insured's
				occupation; and
b. After the first
				12 months of disability, the inability of the insured to perform the essential
				functions of any occupation for which the insured is reasonably suited by
				virtue of education, training, or experience;
3. Not include any employment requirement
				that a debtor be employed more than full-time on the effective date of
				coverage, with a definition of "full-time" as a regular work week of at least
				30 hours;
4. Have no exclusions
				other than for disabilities resulting from:
a.
				Normal pregnancy,
b. Intentionally
				self-inflicted injury, or
c. A
				preexisting condition;
5. For insurance on revolving accounts, have
				the date on which an advance or charge occurs as the effective date of coverage
				for each part of the insurance attributable to a different advance or a charge
				to the plan account. Any exclusion period or preexisting condition limitation
				shall run separately for each advance or charge;
6. Have no age restrictions, except the
				following permissible exclusion:
An age restriction providing that no insurance will become
				  effective on a debtor on or after the attainment of age 65 and that all
				  insurance shall terminate on a debtor attaining age 66; and
7. Include a provision for a daily benefit of
				not less than one-thirtieth of the monthly benefit payable under the
				policy.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 06 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - INSURANCE DIVISION › Article 6 - TYPES OF INSURANCE CONTRACTS › Section R20-6-604.06 - Refund Methods

Current through Register Vol. 30, No. 28, July 12, 2024
A. When
				refunding premiums as prescribed in A.R.S. §
									20-1611, an
				insurer shall use the following methods:
1.
				For insurance paid by a single premium, the Rule of Anticipation method;
				and
2. For insurance paid by other
				than a single premium, a method that refunds at least the pro rata gross
				unearned amount charged to the debtor.