20-1098.24. Dormant captive insurers; certificate of dormancy; report; fee; rules
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/az/title-20/20-1098-24·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A captive insurer that is domiciled in this state and that meets the definition of dormant captive insurer may apply for a certificate of dormancy by submitting an application to the director on a form prescribed by the director. The certificate of dormancy is subject to renewal every five years and expires unless renewed.
B. A dormant captive insurer that is issued a certificate of dormancy shall:
1. Possess and thereafter maintain unimpaired, paid-in capital and surplus of at least $125,000.
2. Not later than ninety days after the end of the dormant captive insurer's fiscal year, submit to the director a report of its financial condition that is verified by oath of two of its executive officers.
3. Pay a certificate renewal fee as prescribed in section 20-167.
C. A dormant captive insurer may surrender its certificate of dormancy by submitting an application to surrender to the director. The dormant captive insurer may not issue insurance policies or conduct the business of insurance until the director approves the application to surrender.
D. The director shall revoke a certificate of dormancy if a dormant captive insurer no longer meets the definition of dormant captive insurer.
E. The director may adopt guidelines, procedures and rules to implement this section.