Ariz. Admin. Code § 20-6-604.09

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

Section R20-6-604.09 - Supervision of Consumer Credit Insurance Operations

A. At least once every three years, an insurer transacting credit insurance in Arizona shall review the credit insurance operations of each creditor with whom the insurer does business to ensure that each creditor is complying with applicable credit insurance laws. The insurer shall review the following:

1. The creditor does not charge rates in excess of the prima facie rates or any deviated rates for which the insurer obtains approval;

2. The creditor makes benefit payments as prescribed in the policy; and

3. The creditor refunds unearned premiums as prescribed in R20-6-604.06.

B. The insurer shall maintain for the Director's inspection a written record of each review and action the insurer takes to address any creditor noncompliance found by the insurer, for at least three years following the end of the review.

Ariz. Admin. Code § R20-6-604.09

New Section made by final rulemaking at 8 A.A.R. 2725, effective June 7, 2002 (Supp. 02-2).