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Current as of January 01, 2025 | Updated by Findlaw Staff
A. In any delinquency proceeding, the receiver may appoint one or more special deputy receivers to act for the receiver and may employ, as the receiver deems necessary, counsel, clerks and assistants. Subject to the approval of the court, the receiver shall fix the compensation of the special deputies, counsel, clerks or assistants and all expenses of taking possession of the insurer and of conducting the proceeding and shall use the funds or assets of the insurer to pay the compensation and expenses. Subject to the limits of duties imposed on a special deputy, in any delinquency proceeding the special deputy possesses all of the powers given to the receiver and, in the exercise of those powers, is subject to all of the duties imposed on the receiver.
B. No person except the receiver may cancel or terminate an insurance policy under which another insurer who is the subject of a delinquency proceeding is included in the policy as an owner or insured, based on the director or receiver instituting the delinquency proceeding or any other action pursuant to this article.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 20. Insurance § 20-623.01. Conduct of all delinquency proceedings - last updated January 01, 2025 | https://codes.findlaw.com/az/title-20-insurance/az-rev-st-sect-20-623-01/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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