Arizona Laws 6-1406. Books and records of premium finance company; access to records
A. A licensee shall maintain books, accounts and records as prescribed by the deputy director that will enable the deputy director to determine whether the licensee is complying with this article.
Terms Used In Arizona Laws 6-1406
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- 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
B. A licensee shall preserve its books, accounts and records of premium finance transactions for at least three years after making the final entry with respect to any premium finance agreement. The preservation of records in any form authorized by the deputy director constitutes compliance with this section.
C. Every licensee shall observe generally accepted accounting principles and practices.
D. A licensee shall make any books, accounts and records that are kept outside of this state available to the deputy director in this state not more than three business days after demand or the deputy director may choose to perform the examination or investigation at the office of the licensee located outside of this state.
E. For purposes of this article, the deputy director or the deputy director’s duly authorized representatives shall have access to the offices and places of business, files, safes and vaults of all licensees regarding that business or the subject matter of any examination, investigation or hearing during business hours.