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 rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers.
B. The power of attorney shall set forth:
1. The powers of the attorney.
2. That the attorney is empowered to accept service of process on behalf of the insurer.
3. The general services to be performed by the attorney.
4. The maximum amount to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense in addition to losses, to be paid by the insurer.
5. Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount which amount shall be not less than one nor more than ten times the premium or premium deposit stated in the policy.
C. The power of attorney may:
1. Provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder.
2. Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers.
3. Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee.
4. Contain other lawful provisions deemed advisable.
D. The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement shall be used or be effective in this state until approved by the director.