32-1134. Powers and duties of registrar
197 words·~1 min read·
/az/title-32/32-1134A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The registrar shall:
1. Establish assessments and maintain the fund balance at a level sufficient to pay operating costs and anticipated claims using the cash basis of accounting.
2. Cause an examination of the fund to be made every three years by an independent certified public accountant.
3. File with the department of insurance and financial institutions an annual statement of the condition of the fund.
4. Employ accountants and attorneys from monies in the fund, but not to exceed $10,000 in any fiscal year, that are necessary for the performance of the duties prescribed in this section.
5. Employ or contract with individuals and procure equipment and operational support, to be paid from or purchased with monies in the fund, but not to exceed in any fiscal year fourteen percent of the total amount deposited in the fund in the prior fiscal year as may be necessary to monitor, process or oppose claims filed by claimants, which may result in collection from the recovery fund.
B. Notwithstanding section 32-1135, the registrar may expend interest monies from the fund to increase public awareness of the fund. This expenditure may not exceed $50,000 in any fiscal year.