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.
20-108.01 - Extended warranty insurers; deposit with state treasurer; powers and duties; definition
20-108.01. Extended warranty insurers; deposit with state treasurer; powers and duties; definition
A. Every extended warranty insurer shall deposit with the state treasurer and maintain on deposit for the benefit and protection of any person purchasing such extended warranty or guaranty in the event of insolvency of the extended warranty insurer under its contract with any such person either of the following:
1. A bond in the amount of $25,000 issued by an insurance company holding a current certificate of authority issued by the director.
2. Eligible securities as defined in section 20-583 having the lesser of par or market value of not less than $25,000.
B. The director shall adopt rules and regulations to enforce this section.
C. For the purposes of this section, "extended warranty insurer" has the same meaning prescribed in section 20-108.