Arizona Laws 20-1083. Law applicable to domestic life and disability reinsurers
A. All other provisions of this title that are not inconsistent with the provisions of this article apply to domestic life and disability reinsurers.
Terms Used In Arizona Laws 20-1083
- Credit life and disability reinsurer: means a domestic life and disability reinsurer that reinsures only credit life insurance or credit disability insurance that is issued according to chapter 6, article 10 of this title by an insurer that is authorized to transact insurance in this state, as certified in a form prescribed by the director and reaffirmed annually in conjunction with the annual statement filed pursuant to section 20-223. See Arizona Laws 20-1082
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Unaffiliated: means not affiliated with another insurer as defined in section 20-104. See Arizona Laws 20-1082
B. Notwithstanding section 20-223, an unaffiliated credit life and disability reinsurer shall submit an annual statement in a form acceptable to the director and the annual statement of the reinsurer is due August 1 if the reinsurer’s fiscal year ends on the preceding December 31 or November 1 if the reinsurer’s fiscal year ends on a preceding date other than the preceding December 31.
C. Notwithstanding section 20-223, subsection A, an unaffiliated credit life and disability reinsurer is exempt from the management discussion and analysis requirements prescribed in the accounting practices and procedures manual adopted by the national association of insurance commissioners.
D. Notwithstanding section 20-731 and any rule that requires a hearing on the withdrawal of an insurer from this state, a hearing on a merger with or on withdrawal from this state by an unaffiliated credit life and disability reinsurer is not required, unless the requirement of a hearing applies to another party to the transaction.
E. The following do not apply to unaffiliated credit life and disability reinsurers:
1. The requirement of an examination at least once every five years pursuant to section 20-156, subsection A.
2. Any rule adopted pursuant to section 20-223, subsection A relating to audited financial statements.
3. Chapter 2, article 12 of this title.
4. The quantitative restrictions or limitations imposed on the investments of insurers by this title.
5. Chapter 3, article 8 of this title.
6. Section 20-722.