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Arizona Revised Statutes Title 20. Insurance § 20-711. Initial qualification of domestic mutual insurers

Current as of January 01, 2025 | Updated by Findlaw Staff

A. When newly organized a domestic mutual insurer may be authorized to transact any one kind of insurance other than title insurance.

B. When applying for an original certificate of authority as an insurer, a domestic mutual insurer shall be otherwise qualified under this title, and shall have received and accepted bona fide applications with respect to substantial insurable subjects for insurance coverage of a substantial character of the kind of insurance proposed to be transacted, shall have collected in full and in cash the proper premium at a rate not less than that usually charged by stock insurers for comparable coverages, shall have surplus funds on hand as at completion of issuance of all such policies so applied for, or, in lieu of such applications, premiums and surplus, may deposit surplus, all in accordance with that portion of the following schedule which applies to the one kind of insurance the insurer then proposes to transact:

Minimum

Maximum

Minimum

Minimum

Minimum

amount of

amount of

number of

number of

premium

insurance

insurance

Kind of

applicants

subjects

col-

each

each

insurance

accepted

covered

lected

subject

subject

Life (i)

300

300

Annual

$1,000

$20,000

Disability (ii)

300

300

Quarter

100 monthly

200 monthly

indemnity

indemnity

Property (iii)

100

250

Annual

1,000

30,000

Marine &

Transportation

100

250

Annual

1,000

30,000

Vehicle (iv)

100

250

Annual

15,000

30,000

Casualty (iv)

100

250

Annual

15,000

30,000

Surety

100

250

Annual

1,000

50,000

C. The following provisions in the schedule shall govern as to the one kind of insurance the insurer then proposes to transact:

1. Under (i). No group insurance, nor term policies for terms of less than ten years shall be included.

2. Under (ii). No group or blanket or family plans of insurance shall be included. In lieu of weekly indemnity a like premium value in medical, surgical and hospital benefits may be provided. Any accidental death or dismemberment benefit provided shall not exceed two thousand dollars.

3. Under (iii). Only insurance of the owner's interest in real property may be included, and all such coverages shall be in compliance with the provisions of subsection E of § 20-260 (two properties reasonably subject to loss from the same fire may not be insured by the same insurer if results in excess of limit of risk).

4. Under (iv). Shall include insurance of legal liability for bodily injury and property damage to which the maximum and minimum insured amounts apply.

5. Under (v). The deposit in the amount specified shall thereafter be maintained. The deposit is subject to the provisions of this title governing deposits of insurers in general.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 20. Insurance § 20-711. Initial qualification of domestic mutual insurers - last updated January 01, 2025 | https://codes.findlaw.com/az/title-20-insurance/az-rev-st-sect-20-711/

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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