20-420. Exemptions from surplus lines provisions
205 words·~1 min read·
/az/title-20/20-420A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The sections of this article relating to surplus lines coverages do not apply to reinsurance or to the following classes of insurance placed by licensed insurance producers of this state:
1. Ocean marine and foreign trade insurance.
2. Insurance on subjects that are located, resident or to be performed wholly outside this state, or on vehicles or aircraft owned and principally garaged outside this state.
3. Insurance for an insured that is a federally recognized Indian tribe or who is a member of a federally recognized Indian tribe on subjects of insurance that are located, resident or to be performed wholly within the boundaries of a federally recognized Indian reservation.
4. Insurance on property or operations of railroads engaged in interstate commerce.
B. Any insurance producer that places any of the classes of insurance prescribed in subsection A of this section with an unauthorized insurer shall keep a record of each coverage in detail as required of surplus lines insurance pursuant to section 20-414. The insurance producer shall preserve the record for not less than three years after the expiration or cancellation date of the insurance policy and shall make the record available in this state and open to the examination of the director.