During the period of supervision, the director may appoint a supervisor to supervise such insurance company and may provide that the insurance company may not do any of the following things, during the period of supervision, without the prior approval of the director or his supervisor:

Terms Used In Arizona Laws 20-170

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Property: includes both real and personal property. See Arizona Laws 1-215

1. Dispose of, convey or encumber any of its assets or its business in force;

2. Withdraw any of its bank accounts;

3. Lend any of its funds;

4. Invest any of its funds;

5. Transfer any of its property;

6. Incur any debt, obligation or liability;

7. Merge or consolidate with another company; or

8. Enter into any new reinsurance contract or treaty.

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