20-488.09. Foreign insurers

307 words·~1 min read·/az/title-20/20-488-09

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

A. On request of the director, a foreign insurer shall submit an RBC report to the director as of the end of the previous calendar year within the later of:

1. The date that an RBC report would be required to be filed by a domestic insurer.

2. Fifteen days after the foreign insurer receives the request.

B. On the written request of the director, a foreign insurer shall submit to the director a copy of any RBC plan that is filed with the insurance director in any other state.

C. The director may require a foreign insurer to file an RBC plan if under the RBC laws applicable in the insurer's domiciliary state or if the domiciliary state does not have any applicable RBC laws, as determined under this article, both:

1. A company action level event occurs with respect to the foreign insurer.

2. The insurance director in the domiciliary state fails to require the foreign insurer to file an RBC plan.

D. If the director requires a foreign insurer to file an RBC plan pursuant to subsection C of this section, the failure of the foreign insurer to file an RBC plan with the director is grounds for the director to suspend the foreign insurer's certificate of authority.

E. The director may apply to the superior court pursuant to chapter 1, article 2 and chapter 3, article 4 of this title for the liquidation of the property of a foreign insurer found in this state if a mandatory control level event occurs with respect to a foreign insurer and if a domiciliary receiver has not been appointed with respect to the foreign insurer under the rehabilitation and liquidation laws applicable in the foreign insurer's domiciliary state. The occurrence of the mandatory control level event shall be considered to be adequate grounds for the application.