Arizona Laws 6-1403. Exemptions
A. The licensing requirements of this article do not apply to:
Terms Used In Arizona Laws 6-1403
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
- Insured: means any person covered under an insurance contract or other evidence of insurance coverage subject to regulation under title 20. See Arizona Laws 6-1401
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Premium finance agreement: means a written agreement by which an insured or prospective insured agrees to pay to a premium finance company the amount advanced or to be advanced under the written agreement to an insurance producer in payment of premiums of an insurance contract together with interest or discount and a service charge as authorized and limited by this article. See Arizona Laws 6-1401
1. Any savings and loan association, bank, savings bank, trust company, consumer lender or credit union authorized to do business in this state.
2. Any agent or broker who is licensed by the department and who allows an insured to pay premiums on policies written by the agent or broker in installments if the agent or broker receives no interest or other fee, except that an agent or broker may collect a service charge of not more than five percent of the total premium amount and a delinquency charge as provided in section 6-1413.
3. Any person who purchases or otherwise acquires premium finance agreements from a licensee if the licensee retains the right to service the agreements and to collect payments due under the agreements and remains responsible for the premium finance agreement being handled in compliance with this article.
4. Any insurer authorized to transact insurance in this state in connection with the issuance of premium finance agreements relating to commercial insurance policies issued by the insurer.
B. The exemption from licensing as provided in subsection A of this section does not authorize the financing of insurance premiums without compliance with the other requirements of this article.