PROPOSED
HOUSE OF REPRESENTATIVES AMENDMENTS TO S.B. 1045
(Reference to Senate engrossed bill)
Strike everything after the enacting clause and insert:
"Section 1. State compensation fund; successor mutual insurer corporation; transfer of assets and liabilities by operation of law
A. The state compensation fund board of directors, which terminates on July 1, 2010 pursuant to section 41-3010.01, Arizona Revised Statutes, shall perform all acts necessary to establish a successor mutual insurer corporation. The successor mutual insurer corporation shall operate to the same extent as any mutual casualty insurer that is licensed and authorized to write insurance in this state, subject to the authority and regulation by the department of insurance pursuant to title 20, chapter 4, article 1, Arizona Revised Statutes, and with all the powers and subject to all the laws, rules and requirements of a mutual insurer corporation that is organized under the laws of this state.
B. The state compensation fund board of directors shall perform all necessary acts to file articles of incorporation of the successor mutual insurer corporation and shall take all necessary actions to qualify for a certificate of authority as provided in section 20‑706, Arizona Revised Statutes.
C. Beginning January 1, 2011, the successor mutual insurer corporation shall become the successor in interest to all the assets and liabilities of the state compensation fund without any conveyance or transfer and without any further act or deed and shall be vested by operation of law with title to all property of the state compensation fund. The successor mutual insurer corporation is responsible for the obligations of the state compensation fund to the same extent as though incurred originally by the mutual insurer corporation. The successor mutual insurer corporation is not an agency of this state or a public entity of this state. The successor mutual insurer corporation shall not use the term "state compensation fund" or "SCF" in its new name or logo from and after June 30, 2012.
Sec. 2. Conforming legislation
The legislative council staff shall prepare proposed legislation conforming the Arizona Revised Statutes to the termination of the state compensation fund and the state compensation fund board of directors for consideration in the fiftieth legislature, first regular session."
Amend title to conform
MICHELE REAGAN |