20-234. Filing requirement; participation in the insurance regulatory information system

401 words·~2 min read·/az/title-20/20-234

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

A. On or before March 1 of each year or on or before the earliest date the company is required to file an annual statement with any state if later, each domestic, foreign and alien insurer that is authorized to transact insurance in this state shall file with the national association of insurance commissioners a copy of its annual statement convention blank, along with any additional filings that are prescribed by the director for the preceding year. The filed information shall be in the format and scope that are required by the director and shall include the signed jurat page and the actuarial certification.

Any amendments and addendums to the annual statement filing that are filed subsequently with the director also shall be filed with the national association of insurance commissioners. If the director requires an insurer that is admitted to transact insurance by more than one state to file a quarterly financial statement, the insurer shall also file the quarterly statement on diskette or another electronic medium designated by the director with the national association of insurance commissioners.

B. In the absence of actual malice, members of the national association of insurance commissioners, their duly authorized committees, subcommittees, task forces, delegates and employees and all other persons who are charged with the responsibility of collecting, reviewing, analyzing and disseminating the information contained in the annual statement convention blanks are agents of the director and are not subject to civil liability for libel, slander or other cause of action relating to the collection, review, analysis or dissemination of the data and information that are collected.

C. All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the department by the national association of insurance commissioners' insurance regulatory information system are confidential and shall not be disclosed by the department.

D. The director may suspend, revoke or refuse to renew the certificate of authority of any insurer failing to file its annual statement when due or within an extension of time that the director, for good cause, may have granted.

E. A foreign insurer that is domiciled in a state which has a statute substantially similar to subsection A and has complied with that statute is exempt from the requirements of this section.

F. This section does not apply to domestic life and disability reinsurers authorized to transact insurance pursuant to chapter 4, article 10 of this title.