20-2201. Voluntary plans; assessments; fund A. If the director finds after a hearing that in any part of this state any liability insurance coverage is not readily available in the voluntary insurance market and that the public interest requires such availability, the director may authorize the formation of voluntary plans to provide the coverage for […]
20-2202. Joint underwriting association; establishment A. A joint underwriting association is established in the department of insurance and financial institutions consisting of insurers authorized to write and engaged in writing in this state on a direct basis liability insurance, including the liability portion of multiperil policies, but not including ocean marine insurance. Every such insurer […]
20-2203. Powers of the joint underwriting association The association may, on behalf of its members and with the approval of the director, do all of the following, which may be exercised directly or by contractual delegation: 1. Issue or cause to be issued policies of liability insurance on a claims-made basis to applicants, including incidental […]
20-2204. Directors; election; appointment A. The association shall be governed by a board of eleven directors annually appointed by the director. Six of the directors shall be selected from the members of the association. Three of the directors shall be domestic insurers and three shall be foreign insurers. Five of the directors shall be representatives […]
20-2205. Plan of operation; contents Within forty-five days after the effective date of the initial order of the director issued pursuant to section 20-2202, the directors of the association shall submit to the director for his review a proposed plan of operation consistent with the provisions of this chapter. The plan of operation shall provide […]
20-2206. Approval of plan of operation A. The plan of operation prepared pursuant to section 20-2205 is subject to approval by the director after consultation with the members of the association and other affected individuals and organizations. If the director disapproves all or any part of the proposed plan of operation, the directors of the […]
20-2207. Amendments to the plan of operation Amendments to the plan of operation may be made by the directors of the association, subject to the approval of the director, or shall be made at the direction of the director consistent with the provisions of section 20-2206.
20-2208. Policies issued by the association; claims-made basis Except as otherwise provided in this chapter, a liability insurance policy issued by the association shall be on a claims-made basis. The policy form shall be filed with and approved by the director.
20-2209. Claims-made policy; cancellation A policy issued pursuant to this chapter may provide that the association may cancel any of its policies for the reasons specified in section 20-1673 or in the event of nonpayment of any premium assessment or other charge by sending to the insured written notice at least ten days before the […]
20-2210. Occurrence riders; premiums; assessments A. All policies written by the association shall contain a provision that guarantees the insured that the association shall issue, on the written demand of any insured to whom it has issued a claims-made policy, an occurrence rider comparable to that provided in the voluntary market. B. The premium for […]
20-2211. Rates; actuary A. The rates, rating plans, rating rules, rating classifications and territories applicable to insurance written by the association, and the statistics relating thereto, are subject to the provisions of chapter 2, article 4.1 of this title, giving consideration to the past and prospective loss and expense experience for the designated class or […]
20-2212. Deficits; equitable assessments; premium tax credits A. On a determination that within the next one hundred eighty days thereafter the association will be unable to pay its outstanding lawful obligations as they mature in the regular course of business as shown by an excess of such lawful obligations over admitted assets, the association shall […]
20-2213. Initial assessment; temporary contribution by members A. An initial assessment of up to five hundred dollars may be imposed by the director on every participating insurer of the association to defray the initial operating expenses of the plan. The initial assessment may be refunded by the association. B. If sufficient monies are not available […]
20-2214. Member participation in writings, expenses, servicing allowance, management fees and losses All members of the association shall participate in its writings, expenses, servicing allowance, management fees and losses in the proportion that the net direct premium of each member, excluding that portion of a premium attributable to the operation of the association, written during […]
20-2215. Appeal by applicants to the association; order Any applicant to the association or any person insured pursuant to this chapter, or their representatives, or any affected member may appeal to the director within thirty days after any ruling, action or decision by or on behalf of the association, with respect to those items defined […]
20-2216. Annual filing; contents Annually on or before January 1, the association shall file in the office of the director a statement which contains information with respect to its transactions, condition, operations and affairs during the preceding year. Such statement shall contain such matters and information as are prescribed and shall be in such form […]
20-2217. Annual examination by the director The director shall make an examination into the affairs of the association at least annually. The examination shall be conducted and the report filed in the manner prescribed in section 20-156.
20-2218. Costs; charge to the association All reasonable and necessary costs incurred by the director pursuant to this chapter shall be charged to and immediately reimbursed by the association.
20-2219. Liability of the association There is no liability on the part of nor does any cause of action accrue against the association or its members, the director or his authorized representatives or any other person or organization for any acts or omissions made in good faith by them during any proceeding or concerning any […]
20-2220. Prohibition from membership in Arizona guaranty fund The association shall not be a member of the Arizona guaranty fund nor shall that fund or this state or any of its political subdivisions be otherwise responsible for losses sustained by the joint underwriting association.
