20-1021. Lloyd’s association defined As used in this article, unless the context otherwise requires, " Lloyd’s association" means any aggregation of individuals, called " underwriters, " who under a common name engage in the business of insurance for profit through an attorney-in-fact having authority to obligate the underwriters severally, within such limits as may be […]
20-1022. Forms of insurance authorized Lloyd’s associations are authorized to make any insurance as provided in this article, except life insurance or title insurance, on the Lloyd’s plan, by complying with the requirements set forth in this article. Every policy form issued in this state by a Lloyd’s association shall comply with all applicable provisions […]
20-1023. " Attorney" defined; office Policies of insurance may be executed by an attorney or by an attorney-in-fact, or other representative, hereby designated " attorney" , authorized by and acting for the underwriters who constitute the Lloyd’s association. The principal office of such attorney shall be maintained at such place as may be designated by […]
20-1024. Application for license; contents The attorney shall file with the director a verified application for a certificate of authority setting forth and accompanied by: 1. The name of the attorney or attorneys and the title under which the business is to be conducted, which title shall contain the name Lloyd’s and the name of […]
20-1025. Surplus required No attorney shall be licensed for the underwriters doing business as a Lloyd’s association under this article unless the surplus of such association, required to be maintained under section 20-210, shall be at least four hundred thousand dollars in cash, or other admitted assets.
20-1026. Reserves for liabilities and losses Underwriters doing business as a Lloyd’s association shall compute reserve liabilities for all outstanding business and for all incurred losses upon the same basis required for stock insurance companies doing the same class and character of business in Arizona.
20-1027. Liability of underwriters; limitation An underwriter in a Lloyd’s association may limit his total liability on all risks to the amount of his subscription as expressed in his power of attorney and agreement with the attorney-in-fact, provided that at least half of the subscription of each underwriter shall be paid or contributed to the […]
20-1028. Liability of additional or substituted underwriters; authority of deputy, substitute or successor attorney Additional or substituted underwriters shall be bound in the same manner and to the same extent as original subscribers to the articles of agreement and power of attorney on file with the director. The acts of the duly appointed deputy, substitute […]
20-1029. Division of profits No profits shall accrue to an underwriter, except upon the basis of his actual investment in cash or securities, disregarding any obligation or subscription to pay in additional cash or securities at a later date.
20-1030. Actions on policies or insurance contracts; process; judgments; costs Action on any policy or contract of insurance issued by an attorney for the underwriters may be brought against the attorney. In such action, summons and process shall be served on either the director or on the attorney-in-fact, and when so served shall have the […]
20-1031. Deposit required of Lloyd’s association The deposit requirements of section 20-213 and section 20-583 shall in all respects apply to any Lloyd’s association, foreign or domestic, provided that the director shall not issue a certificate of authority to any Lloyd’s association unless it has deposited in trust with the state treasurer of Arizona or […]
20-1032. Revocation of license If any attorney-in-fact or underwriter of a Lloyd’s association shall violate any of the provisions of this title, or any of the other laws of the state of Arizona which are applicable to them, the certificate of authority issued to such attorney shall be revoked and the right to do business […]
20-1033. Laws applicable to Lloyd’s association A. The provisions of this article are applicable to domestic and foreign Lloyd’s associations. B. To the extent not modified by the provisions of this article, Lloyd’s associations shall be subject to and governed by the other applicable provisions of this title.
