20-683. Life and disability insurance guaranty fund
148 words·~1 min read·
/az/title-20/20-683A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The life and disability insurance guaranty fund is established in the department. The fund shall be deposited in a depository designated by the director. All member insurers shall be members of the fund as a condition of their authority to transact insurance or a health care services organization business in this state. For the purposes of administration and assessment, the fund shall maintain three accounts:
1. The disability account.
2. The life insurance account.
3. The annuity account.
B. The fund is under the immediate supervision of the director and is subject to the applicable provisions of the insurance laws of this state.
C. All costs, expenses and liabilities of the fund shall be paid by the fund and shall not be a general obligation of the state.
D. All monies placed in the accounts of the fund may be expended for the purposes of this article.