20-517. Report of acquisitions and dispositions
257 words·~1 min read·
/az/title-20/20-517A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Each insurer that is domiciled in this state shall file with the director a report that discloses material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless the insurer has submitted the acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements to the director for review, approval or information purposes pursuant to any other law or rule.
B. The insurer shall file the report within fifteen days after the end of the calendar month in which any of the transactions listed in subsection A occur.
C. The insurer shall file a copy of the report, including any exhibits or other attachments that are filed with the report, with the national association of insurance commissioners.
D. All reports that are obtained by or disclosed to the director pursuant to this section are confidential and are not subject to subpoena. The director, the national association of insurance commissioners and any other person may disclose a report to the insurance department of another state but may not make a report public without the prior written consent of the insurer unless the director, after giving the insurer notice and an opportunity to be heard, determines that the interests of the policyholders, shareholders or public will be served by the publication of the report.
If the director determines that publication is in the interests of the policyholders, shareholders or public, the director may publish part or all of the report in a manner that the director deems appropriate.