Ariz. Admin. Code § 20-6-1702

Current through Register Vol. 30, No. 45, November 8, 2024

Section R20-6-1702 - Authority, Scope, and Scheduling of Examinations

A. The Director shall examine an insurer under A.R.S. § 20-156(A) at least once every five years.

B. Instead of the examination under subsection (A), the Director may accept the most recent examination report prepared by the National Association of Insurance Commissioners insurance regulatory authority of another state on any foreign or alien insurer if:

1. The insurance regulatory authority was accredited under the National Association of Insurance Commissioners' Financial Regulation Standards and Accreditation Program at the time of the examination,

2. A National Association of Insurance Commissioners accredited insurance regulatory authority supervised the examination, or

3. At least one examiner employed or contracted by a National Association of Insurance Commissioners accredited insurance regulatory

a. Participated in and reviewed the examination work papers and report, and

b. Signed an affidavit stating that the examination was performed in a manner consistent with the standards and procedures required by the National Association of Insurance Commissioners accredited insurance regulatory authority.

Ariz. Admin. Code § R20-6-1702

Adopted effective February 22, 1993 (Supp. 93-1). Amended effective October 27, 1993 (Supp. 93-4). R20-6-1702 recodified from R4-14-1702 (Supp. 95-1). Amended by final rulemaking at 11 A.A.R. 2975, effective September 10, 2005 (Supp. 05-3).