41-3453. Failure to pay fee; overpayment; refund; audit; definitions

304 words·~1 min read·/az/title-41/41-3453

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

A. The automobile theft authority shall notify the director of an insurer's failure to pay the fee prescribed by section 41-3451, subsection J. On receiving notice of an insurer's failure to pay the fee, the director may suspend the insurer's certificate of authority or impose a civil penalty of not more than one hundred twenty percent of the amount due, or both. The insurer shall pay the civil penalty to the director. The director shall deposit, pursuant to sections 35-146 and 35-147, the civil penalty in the automobile theft authority fund.

B. An insurer that has overpaid the fee prescribed by section 41-3451 is entitled to a refund of the overpaid amount. The insurer shall submit a written request for a refund to the automobile theft authority within one year after the date that the overpaid assessment was due and payable pursuant to the dates specified in section 41-3451, subsection J, and include documentation or any other information satisfactory to the director to substantiate the actual overpaid amount. The director shall approve or deny a refund of the amount specified in the insurer’s request.

If the director approves a refund request the director shall refund to the insurer the amount specified in the insurer’s request from the automobile theft authority fund established by section 41-3451.

C. The director may audit an insurer that issues motor vehicle liability insurance policies in this state for the purposes of determining whether the insurer is in compliance with this chapter. The expenses of an audit conducted under this subsection shall be paid by the insurer.

D. For the purposes of this section:

1. "Director" means the director of the department of insurance and financial institutions.

2. "Insurer" means an insurer that writes motor vehicle insurance in this state, including reciprocal insurers, mutual companies, mutual associations and Lloyd's plans.