Terms Used In Arizona Laws > Title 20 > Chapter 14 - Risk Retention Groups

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Completed operations liability: means liability arising out of the installation, maintenance or repair of any product at a site which is not owned or controlled by either:

  (a) A person who performs that work. See Arizona Laws 20-2401

• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• 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

• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lessee: means a person contracting with a lessor for the use of a safe deposit repository. See Arizona Laws 6-1001
• Lessor: means a corporation or association authorized under the laws of this state, any other state or the United States to do business as a bank, trust company, credit union or savings and loan association and maintaining safe deposit repositories for public use. See Arizona Laws 6-1001
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Personal risk liability: means liability for damages because of injury to a person, damage to property or other loss or damage resulting from any personal, familial or household responsibilities or activities other than those listed in paragraph 5. See Arizona Laws 20-2401
• Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease or sale of a product. See Arizona Laws 20-2401
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Purchasing group: means a group which meets all of the following criteria:

  (a) Has as one of its purposes the purchase of liability insurance on a group basis. 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

• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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