Notwithstanding section 20-732, an unaffiliated credit life and disability reinsurer shall file with the director all reinsurance agreements and amendments to which the reinsurer is a party. The agreement or amendment is not effective until the agreement or amendment is approved by the director. The agreement is deemed approved if the director does not disapprove the agreement within thirty days after the reinsurer files the agreement with the director.

Terms Used In Arizona Laws 20-1094

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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
  • Unaffiliated: means not affiliated with another insurer as defined in section 20-104. See Arizona Laws 20-1082
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