20-662. Arizona property and casualty insurance guaranty fund
169 words·~1 min read·
/az/title-20/20-662A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The Arizona property and casualty insurance guaranty fund is established within the department. The fund shall be deposited in a depository designated by the director and shall exercise its powers through a board established pursuant to section 20-663.
B. For the purpose of assessment, the fund shall be divided into three separate accounts:
1. The automobile insurance account.
2. The workers' compensation insurance account.
3. The account for all other insurance to which this article applies.
C. All costs, expenses and liabilities of the fund shall be paid by the fund and shall not be a general obligation of this state.
D. All monies placed in the accounts of the fund may be expended only for the purposes of this article and only for the purposes of the account into which the monies were placed. Monies placed in one of the three separate accounts established by this section may not be used directly or indirectly for any other purpose, including to satisfy an obligation attributable to another account.