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Code · Arizona · Title 20 — Infants and Incompetents

20-1096.06. Filing of cash or alternatives to cash

123 words·~1 min read·/az/title-20/20-1096-06

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A. To assure faithful performance of its reinsurance obligations each mechanical reimbursement reinsurer shall, prior to the issuance of a certificate of authority, file with or for the benefit of the director cash or alternatives to cash which at all times have a value of at least one hundred thousand dollars.
B. The reinsurer may file alternatives to cash which shall be certificates of deposit purchased from a financial institution licensed to conduct business in this state or bonds of the United States government.
C. If alternatives to cash are made in the form of certificates of deposit or a bond, it shall be irrevocably pledged to the director. The reinsurer is entitled to any accrued interest earned from the alternatives to cash.
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