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.
A reinsurance intermediary broker and the insurer it represents as a reinsurance intermediary shall enter into a written contract that specifies the responsibilities of each party. The contract at a minimum shall provide that:
1. The insurer may terminate the reinsurance intermediary broker's authority at any time.
2. The reinsurance intermediary broker shall render accounts to the insurer that accurately detail all material transactions, including information necessary to support all commissions, charges and other fees received by or owed to the reinsurance intermediary broker, and shall remit all monies due to the insurer within thirty days of receipt.
3. All monies collected for the insurer's account be held in a fiduciary capacity by the reinsurance intermediary broker in a bank that is a qualified United States financial institution as defined in section 20-486.
4. The reinsurance intermediary broker comply with the provisions of section 20-486.03.
5. The reinsurance intermediary broker comply with the written standards that are established by the insurer for the cession or retrocession of all risks.
6. The reinsurance intermediary broker disclose to the insurer a relationship it has with a reinsurer to which business will be ceded or retroceded.