An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance or operating in any state on a finding that such a group is in a hazardous financial condition is enforceable in the courts of this state.

Terms Used In Arizona Laws 20-2412

  • Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able to either:

    (a) Meet obligations to policyholders with respect to known claims and reasonably anticipated claims. See Arizona Laws 20-2401

  • Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Arizona Laws 20-2401
  • Risk retention group: means a corporation or other limited liability association formed under the laws of any state which meets all of the following criteria:

    (a) Its primary activity consists of assuming and spreading all or any portion of the liability exposure of its group members. See Arizona Laws 20-2401

  • State: means any state of the United States or the District of Columbia. See Arizona Laws 20-2401
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
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