The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
20-1098.18 - Captive insurance regulatory and supervision fund; purpose
20-1098.18. Captive insurance regulatory and supervision fund; purpose
A. The captive insurance regulatory and supervision fund is established within the department consisting of monies deposited pursuant to section 20-1098.01, subsection J. The director shall administer the fund as prescribed in subsections B and C of this section. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations, except that, on the close of each fiscal year, all unencumbered monies in the fund exceeding two hundred thousand dollars revert to the state general fund.
B. In addition to the purposes specified in subsection C of this section, the director may use up to one hundred thousand dollars in the captive insurance regulatory and supervision fund each fiscal year to administer programs in accordance with the department's other statutory responsibilities.
C. The director shall use monies in the captive insurance regulatory and supervision fund to pay the costs of administering this article and for reasonable expenses incurred in promoting this state's captive insurance industry, pursuant to written guidelines adopted by the director.
D. The department shall not receive a general fund appropriation for operation of the captive insurance program and promotion of this state's captive insurance industry for any fiscal year in which the department had at least twenty-five captive insurers holding an active certificate of authority as of the immediately preceding calendar year end.