Arizona Laws 20-488.08. Supplemental provisions; rules; exemption
A. This article is supplemental to any other laws of this state and does not preclude or limit any other powers or duties of the director.
Terms Used In Arizona Laws 20-488.08
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Health organization: means a hospital service corporation, medical service corporation, dental service corporation or optometric service corporation or a hospital, medical, dental and optometric service corporation that has a certificate of authority pursuant to chapter 4, article 3 of this title, a prepaid dental plan organization that has a certificate of authority pursuant to chapter 4, article 7 of this title or a health care services organization that has a certificate of authority pursuant to chapter 4, article 9 of this title. See Arizona Laws 20-488
- Property: includes both real and personal property. See Arizona Laws 1-215
- RBC: means risk-based capital. See Arizona Laws 20-488
B. The director may adopt rules to implement this article.
C. The director may exempt from the application of the RBC requirements of this article any domestic property and casualty insurer that does all of the following:
1. Writes direct business only in this state.
2. Writes direct annual premiums of two million dollars or less.
3. Assumes no reinsurance in excess of five per cent of the direct premiums written.
D. The director may exempt any health organization from the RBC requirements in this article if the health organization meets all of the following requirements:
1. The health organization writes direct business only in this state.
2. Not more than five per cent of the health organization’s gross direct written premiums are attributable to reinsurance assumed from foreign insurers.
3. The health organization writes direct annual premiums for comprehensive medical business of two million dollars or less, or the health organization is a dental service corporation, optometric service corporation or prepaid dental plan organization that covers less than two thousand lives.