A. Each policy, certificate of insurance, application for insurance, endorsement and rider of consumer credit insurance delivered or issued for delivery in this state shall be by an insurer authorized by the director to transact insurance in this state.

Terms Used In Arizona Laws 20-1612

  • Consumer credit insurance: means any one or a combination of the following:

    (a) Credit life insurance. See Arizona Laws 20-1603

  • Contract: A legal written agreement that becomes binding when signed.
  • Creditor: means the lender of money or vendor or lessor of goods, services, property, rights or privileges, including a lessor under a lease intended as a security, where payment is arranged through a credit transaction. See Arizona Laws 20-1603
  • Debtor: means a borrower of money or a person possessing a commitment for a loan of certain funds or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. See Arizona Laws 20-1603

B. In any transaction where a premium is collected from, or a payment made by, a debtor for consumer credit insurance, each policy, certificate of insurance, application for insurance, endorsement and rider shall be solicited by and placed through a holder of a license issued by the director in accordance with chapter 2, article 3 of this title. Nothing in this section requires a creditor to be licensed as an insurance producer solely because the creditor enrolls individuals in or administers a subsisting contract of group insurance.

 

 

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