A. An alien captive insurer or foreign captive insurer may establish a business unit in this state and become licensed as a branch captive insurer in this state pursuant to this chapter to write insurance or reinsurance in this state except as provided in Section 20-1098.01, subsection B and other than workers’ compensation or employers’ liability insurance.

Terms Used In Arizona Laws 20-1098.19

  • Alien captive insurer: means any insurer that is formed to write insurance business for its affiliates and that is licensed pursuant to the laws of an alien jurisdiction that imposes statutory or regulatory standards that are acceptable to the director on companies transacting the business of insurance in such a jurisdiction. See Arizona Laws 20-1098
  • Branch business: means any insurance business that is transacted by a branch captive insurer in this state. See Arizona Laws 20-1098
  • Branch captive insurer: means an alien captive insurer or a foreign captive insurer that establishes a business unit with a principal place of business in this state and that is licensed pursuant to this chapter to transact the business of insurance through the business unit. See Arizona Laws 20-1098
  • Branch operations: means any business operations of a branch captive insurer in this state. See Arizona Laws 20-1098
  • Captive insurer: means any pure captive insurer, agency captive insurer, group captive insurer or protected cell captive insurer that is domiciled in this state and that is formed and licensed under this article. See Arizona Laws 20-1098
  • Pure captive insurer: means a captive insurer that insures only the risks of its affiliates and controlled unaffiliated business. See Arizona Laws 20-1098

B. A branch captive insurer shall not conduct any branch business in this state unless it maintains the principal place of business for its branch operations in this state.

C. A branch captive insurer shall be a pure captive insurer with respect to operations and minimum capitalization in this state unless otherwise permitted by the director.

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