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. The receiver of an insurer may file a claim in the receivership proceeding to recover the liability of shareholders under article XIV, section 11, Constitution of Arizona.
B. Any amount recovered in an action under this section shall be distributed in the same manner provided by law for the distribution of general assets of the estate.
C. The receiver shall bring an action pursuant to subsection A of this section, within four years of the entry of an order of liquidation or other order fixing the rights and liabilities of shareholders under section 20-635.
D. In an action pursuant to this section:
1. The defendant is not entitled to offset obligations of the insurer to the defendant, except that a defendant may file a claim with the receiver for those obligations.
2. The receiver shall recover costs and reasonable attorney fees.