Arizona Laws 20-1663. Unreasonable mass marketed insurance prohibited; hearing; findings; rules
A. No mass marketed life or health insurance may continue to be transacted in this state if the director finds that the total charges for the insurance to the persons who are insured are unreasonable in relation to the benefits provided. The director shall make any such finding after conducting a hearing on not less than thirty days’ written notice to the insurer. The director shall make such findings in writing, including the reasons for such findings, and may issue an order directing the insurer to cease transacting such insurance. Such an order continues in effect until the director determines that the total charges for the insurance are found to be reasonable in relation to the benefits.
Terms Used In Arizona Laws 20-1663
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Mass marketed life or health insurance: means insurance under any franchise, group or blanket policy of life or health insurance which is offered by means of direct response solicitation through a sponsoring organization or through the mails or other mass communications media and under which the person who is insured pays all or substantially all of the cost of his insurance. See Arizona Laws 20-1661
- Writing: includes printing. See Arizona Laws 1-215
B. The director may adopt reasonable rules to determine whether the total charges for the insurance to persons insured are unreasonable in relation to the benefits provided.
C. Nothing in this section shall be construed to permit the director to set rates.