A. Unless the director denies a license pursuant to section 20-295, the director shall issue a resident insurance producer license to any person who meets the requirements prescribed in sections 20-284 and 20-285. An insurance producer may qualify for a license in one or more of the following lines of authority:

Terms Used In Arizona Laws 20-286

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • department: means the department of insurance and financial institutions. See Arizona Laws 20-101
  • Designated producer: means the individual insurance producer that a business entity designates pursuant to section 20-285, subsection C, paragraph 3 as the individual responsible for the business entity's compliance with the insurance laws of this state. See Arizona Laws 20-281
  • Health or sickness insurance: means disability insurance as defined in section 20-253. See Arizona Laws 20-281
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Insurance producer: means a person required to be licensed under this article to sell, solicit or negotiate insurance. See Arizona Laws 20-281
  • Limited line credit insurance: means any form of insurance that is offered in connection with an extension of credit and that is limited to partially or wholly extinguishing that credit obligation, including credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed asset or automobile protection insurance and any other form of insurance that is offered in connection with an extension of credit, that is limited to partially or wholly extinguishing that credit obligation and that the director determines should be designated a form of limited line credit insurance. See Arizona Laws 20-281
  • Member: means , if used in reference to a business entity, a person that holds an ownership interest in the business entity, excluding any interest in publicly traded securities and any interest of less than ten percent of the voting rights. See Arizona Laws 20-281
  • Person: means an individual or a business entity. See Arizona Laws 20-281
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Resident: means a person whose home state is Arizona and who does not hold a resident insurance producer license in another state or territory of the United States or in the District of Columbia. See Arizona Laws 20-281
  • Writing: includes printing. See Arizona Laws 1-215

1. Life. Life insurance is coverage on human lives, including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income.

2. Accident and health or sickness. Accident and health or sickness insurance is coverage for sickness, bodily injury or accidental death and may include benefits for disability income.

3. Property. Property insurance is coverage for the direct or consequential loss or damage to property of every kind.

4. Casualty. Casualty insurance is coverage against legal liability, including liability for death, injury, disability or damage to real or personal property.

5. Variable life and variable annuity products. Variable life and variable annuity is insurance coverage that is provided under a variable life insurance contract or a variable annuity.

6. Personal lines. Personal lines is property and casualty insurance coverage that is sold to individuals and families for primarily noncommercial purposes.

7. Credit. Credit insurance is limited line credit insurance.

8. Crop. Crop insurance is limited line crop insurance.

9. Any other line of insurance allowed under state law or rules adopted by the director.

B. The license shall contain the licensee’s name, address and identification number, the date of issuance, the lines of authority, the expiration date and any other information the director deems necessary. The director may make the information prescribed by this section available electronically.

C. A licensee shall inform the director in writing within thirty days of any change in the licensee’s:

1. Residential, business or e-mail address.

2. Members, directors, officers or designated producer. The director may require that a licensee who notifies the director of a change pursuant to this paragraph submit a full set of fingerprints of each new member, director, officer or designated producer to the director for the purpose of obtaining a state and federal criminal records check pursuant to section 41-1750 and Public Law 92-544. The department of public safety may exchange this fingerprint data with the federal bureau of investigation.

3. Name.

D. In order to assist in the performance of the director’s duties, the director may contract with a third party to perform any ministerial functions that are related to producer licensing and that the director deems appropriate, including the collection of fees.

 

  Previous section
Next section  
 Article 3 Contents