20-159. Insurance examiners' revolving fund; definition

302 words·~1 min read·/az/title-20/20-159

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

A. The director may establish a separate fund designated as the insurance examiners' revolving fund.

B. The fund shall be used for the examination expenses authorized by section 20-156 and to compensate independent contractor examiners as authorized by section 20-148. Independent contractor examiners may be reimbursed or compensated for:

1. Actual travel expenses in amounts customary for such expenses and approved by the director.

2. A reasonable living expense allowance at a rate customary for such expenses and approved by the director.

3. Per diem compensation at a rate customary for such compensation as approved by the director.

C. All persons receiving any reimbursement or compensation from the insurance examiners' revolving fund shall submit to the director for approval a detailed account of all expenses and compensation necessarily incurred on account of an examination. Persons shall not receive or accept any additional emolument on account of an examination. Any reimbursement or compensation made by the fund and approved by the director shall be charged to the person being examined by the director and all receipts shall be credited to the fund.

D. The fund is a special state fund pursuant to section 35-142, subsection A, paragraph 8. Monies in the insurance examiners' revolving fund shall not revert to the general fund.

E. Each authorized insurer shall deposit at a time determined by the director the sum of one hundred dollars with the director to be credited to the insurance examiners' revolving fund. Such deposit not to exceed one hundred dollars shall be returned only if such insurer ceases to transact insurance business in this state.

F. For purposes of this section, "insurer" includes health care services organizations, prepaid dental plan organizations, hospital service corporations, medical service corporations, dental service corporations and hospital, medical, dental and optometric service corporations incorporated in this state.