Arizona Laws 20-488.09. Foreign insurers
A. On request of the director, a foreign insurer shall submit an RBC report to the director as of the end of the previous calendar year within the later of:
Terms Used In Arizona Laws 20-488.09
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Company action level event: means any of the following:
(a) The filing of an RBC report by an insurer indicating either that:
(i) The insurer's total adjusted capital is more than or equal to its regulatory action level RBC but less than its company action level RBC. See Arizona Laws 20-488
- Domestic insurer: means a life or health insurer, or both, a property or casualty insurer, or both, or a health organization that is authorized to transact insurance business in this state and that is organized in this state. See Arizona Laws 20-488
- Foreign insurer: means a life or health insurer, or both, a property or casualty insurer, or both, or a health organization that is authorized to transact insurance business in this state but that is not domiciled in this state. See Arizona Laws 20-488
- Mandatory control level event: means any of the following:
(a) The filing of an RBC report by the insurer indicating that the insurer's total adjusted capital is less than its mandatory control level RBC. See Arizona Laws 20-488
- Property: includes both real and personal property. See Arizona Laws 1-215
- RBC: means risk-based capital. See Arizona Laws 20-488
- RBC plan: means a comprehensive financial plan containing the elements specified in Section 20-488. See Arizona Laws 20-488
- RBC report: means the report required under Section 20-488. See Arizona Laws 20-488
1. The date that an RBC report would be required to be filed by a domestic insurer.
2. Fifteen days after the foreign insurer receives the request.
B. On the written request of the director, a foreign insurer shall submit to the director a copy of any RBC plan that is filed with the insurance director in any other state.
C. The director may require a foreign insurer to file an RBC plan if under the RBC laws applicable in the insurer’s domiciliary state or if the domiciliary state does not have any applicable RBC laws, as determined under this article, both:
1. A company action level event occurs with respect to the foreign insurer.
2. The insurance director in the domiciliary state fails to require the foreign insurer to file an RBC plan.
D. If the director requires a foreign insurer to file an RBC plan pursuant to subsection C of this section, the failure of the foreign insurer to file an RBC plan with the director is grounds for the director to suspend the foreign insurer’s certificate of authority.
E. The director may apply to the superior court pursuant to chapter 1, article 2 and chapter 3, article 4 of this title for the liquidation of the property of a foreign insurer found in this state if a mandatory control level event occurs with respect to a foreign insurer and if a domiciliary receiver has not been appointed with respect to the foreign insurer under the rehabilitation and liquidation laws applicable in the foreign insurer’s domiciliary state. The occurrence of the mandatory control level event shall be considered to be adequate grounds for the application.