20-108. Types of insurers excepted

234 words·~1 min read·/az/title-20/20-108

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

This title does not apply with respect to:

1. Hospital and medical service corporations, except as stated in chapter 4, article 3 of this title.

2. Fraternal benefit societies and associations or orders as defined in section 20-861, except as stated in chapter 4, article 4 of this title.

3. Extended warranty insurers who comply with the bond requirements of section 20-108.01. For the purposes of this paragraph "extended warranty insurer" means any insurer as otherwise defined by this title that does not manufacture, sell or service radio, television or sound reproduction equipment and that:

(a)For a premium charged, not greater than twenty dollars per annum, nor greater than a three-year term, provides a nonrenewable warranty, guaranty or service contract on radio, television or sound reproduction equipment in addition to, or as an extension of, any warranty, guaranty or service provided by the manufacturer of such equipment.

(b)Is not otherwise authorized to transact property or casualty insurance business in this state or any other governmental jurisdiction.

(c)Is not owned or controlled in any degree nor to any extent by a person, persons or business otherwise authorized to transact property or casualty insurance business in this state or any other state or jurisdiction.

(d)Has gross sales in this state not exceeding one hundred thousand dollars annually.

(e)Has maximum contractual contingent liability not exceeding three hundred thousand dollars in this state.