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REFERENCE TITLE: financial responsibility; verification; technical correction |
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State of Arizona Senate Fiftieth Legislature Second Regular Session 2012
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SB 1506 |
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Introduced by Senator Burges
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AN ACT
amending section 20-236, Arizona Revised Statutes; relating to transaction of insurance business.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 20-236, Arizona Revised Statutes, is amended to read:
20-236. Civil penalty for failure to respond to a request for verification of financial responsibility
If the director finds after a hearing that, upon certification by the department of transportation, an insurer has failed to respond in writing within thirty days to a financial responsibility verification request required pursuant to section 28‑4143, the director shall impose a civil penalty of not more than two hundred fifty dollars for each violation but not to exceed an aggregate penalty of twenty thousand dollars in any one six‑month period.