Before the effective date of the policy, the controlling producer shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that if the business is placed through a subproducer who is not a controlling producer the controlling producer shall retain in his records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured.

Terms Used In Arizona Laws 20-487.03

  • Controlled insurer: means a licensed insurer who is controlled by a producer. See Arizona Laws 20-487
  • Controlling producer: means a producer who controls, directly or indirectly, an insurer. See Arizona Laws 20-487
  • insurer: means a person, firm, association or corporation that is duly licensed to transact property or casualty insurance business in this state. See Arizona Laws 20-487
  • Producer: means an insurance producer or any other person, firm, association or corporation when, for any compensation, commission or other thing of value, the person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of an insurance contract on behalf of an insured other than the person, firm, association or corporation. See Arizona Laws 20-487
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