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.
20-1096.08 - Nonrenewal, revocation or suspension of certificate of authority
20-1096.08. Nonrenewal, revocation or suspension of certificate of authority
The director may refuse to renew or may revoke or suspend any certificate of authority issued to a mechanical reimbursement reinsurer pursuant to this article if, after notice and a hearing, the director finds any of the following:
1. In the opinion of the director the policy and loss reserves maintained by the mechanical reimbursement reinsurer are insufficient to cover future losses.
2. In the opinion of the director, the mechanical reimbursement reinsurer is insolvent.
3. The mechanical reimbursement reinsurer has not filed its annual report or paid its renewal fee on a timely basis.
4. The mechanical reimbursement reinsurer has violated any provisions of this article.