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.
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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.
20-719 - Issuance of nonassessable policies by mutual insurers
20-719. Issuance of nonassessable policies by mutual insurers
A. While it maintains on deposit with the state treasurer through the director surplus funds in an amount not less than the paid-in capital required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may extinguish the contingent liability of its members as to all its policies in force, and may omit provisions imposing contingent liability in all its policies currently issued.
B. When such surplus funds have been so deposited and the director has so ascertained, he shall issue to the insurer at its request his certificate authorizing such extinguishment and omission of contingent liability.
C. A foreign or alien mutual insurer may issue nonassessable policies to its members in this state in accordance with its charter and the laws of its domicile.