Arizona Laws 20-3208
A. The director may not appoint an examiner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section does not automatically preclude an examiner from being an owner, an insured in a life settlement contract or insurance policy or a beneficiary in an insurance policy that is proposed for a life settlement contract.
Terms Used In Arizona Laws 20-3208
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Insured: means the person who is covered under the policy being considered for sale in a life settlement contract. See Arizona Laws 20-3201
- Person: means an individual or business entity. See Arizona Laws 20-3201
- Policy: means an individual or group policy, group certificate, contract or arrangement of life insurance owned by a resident of this state regardless of whether delivered or issued for delivery in this state. See Arizona Laws 20-3201
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
B. Notwithstanding subsection A, the director may retain on an individual basis qualified actuaries, certified public accountants or other similar individuals who are independently practicing their professions even though these persons may from time to time be similarly employed or retained by persons subject to examination under this chapter.