Arizona Laws 20-683. Life and disability insurance guaranty fund
A. The life and disability insurance guaranty fund is established in the department. The fund shall be deposited in a depository designated by the director. All member insurers shall be members of the fund as a condition of their authority to transact insurance or a health care services organization business in this state. For the purposes of administration and assessment, the fund shall maintain three accounts:
Terms Used In Arizona Laws 20-683
- Account: means any of the three accounts established pursuant to section 20-683. See Arizona Laws 20-681
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- department: means the department of insurance and financial institutions. See Arizona Laws 20-101
- Fund: means the life and disability insurance guaranty fund. See Arizona Laws 20-681
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
1. The disability account.
2. The life insurance account.
3. The annuity account.
B. The fund is under the immediate supervision of the director and is subject to the applicable provisions of the insurance laws of this state.
C. All costs, expenses and liabilities of the fund shall be paid by the fund and shall not be a general obligation of the state.
D. All monies placed in the accounts of the fund may be expended for the purposes of this article.