Arizona Revised Statutes Title 20. Insurance § 20-408. Report of broker; civil penalty

A. A broker procuring surplus lines insurance on behalf of an insured whose home state is Arizona shall file with the director on or before the date specified in § 20-415, subsection B a verified report setting forth facts from which it may be determined whether the requirements of § 20-407 have been met. The report shall also contain or be accompanied by the following:

B. The director shall prescribe the required report form.

C. The director may direct a broker to file the broker's report required by this section with a voluntary domestic organization of surplus lines brokers with which the director has contracted to accept reports pursuant to § 20-167.

D. A broker may collect from the insured the stamping fee prescribed in § 20-167.

E. The director may impose and collect a civil penalty of not more than $25 against a broker for each day the report prescribed in subsection A of this section is late.

F. In addition to the requirements of subsection A, paragraph 5 of this section, if the insurance coverage is not a recognized surplus line pursuant to § 20-409, a surplus lines broker shall maintain evidence of compliance with the requirements of § 20-407, subsection A for the duration of the insurance policy and for a period of six years after the expiration of the policy.