Arizona Laws 20-481.31. Supervisory colleges
A. With respect to any insurer registered under Section 20-481.09 and in accordance with subsection C of this section, in order to determine compliance by the insurer with this title, the director may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations. The director, with respect to supervisory colleges, may:
Terms Used In Arizona Laws 20-481.31
- Group-wide supervisor: means the regulatory official who is authorized to engage in conducting and coordinating group-wide supervision activities and who is determined or acknowledged by the director pursuant to Section 20-481. See Arizona Laws 20-481
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Insurance holding company system: means two or more affiliated persons, one or more of whom is an insurer. See Arizona Laws 20-481
- Insurer: means every person engaged in the business of making contracts of insurance except:
(a) Agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia or a state or political subdivision of a state. See Arizona Laws 20-481
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Supervisory college: means a temporary or permanent forum for communication and cooperation between regulators charged with the supervision of entities that belong to an insurance holding company system that has international operations. See Arizona Laws 20-481
1. Initiate the establishment of a supervisory college.
2. Clarify the membership and participation of other supervisors in the supervisory college.
3. Clarify the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor.
4. Coordinate the ongoing activities of the supervisory college, including planning meetings, supervisory activities and processes for information sharing.
5. Establish a crisis management plan.
B. Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the director’s participation in a supervisory college in accordance with subsection C of this section, including reasonable travel expenses. The director may establish a regular assessment to the insurer for the payment of these expenses. For the purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates.
C. The director may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal and international regulatory agencies. In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with Section 20-481.20, the director may enter into agreements in compliance with Section 20-481.21 providing the basis for cooperation between the director and the other regulatory agencies and the activities of the supervisory college. This section does not delegate to the supervisory college the authority of the director to regulate or supervise the insurer or its affiliates within its jurisdiction.