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REFERENCE TITLE: insurance regulation; exemption |
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State of Arizona Senate Fifty-first Legislature First Regular Session 2013
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SB 1243 |
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Introduced by Senator Melvin
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AN ACT
Amending section 20‑108, Arizona Revised Statutes; relating to insurance.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 20-108, Arizona Revised Statutes, is amended to read:
20-108. Types of insurers excepted
No provision of This title applies does not apply with respect to:
1. Hospital and medical service corporations, except as stated in chapter 4, article 3 of this title.
2. Fraternal benefit societies, except as stated in chapter 4, article 4 of this title.
3. Associations and orders that were organized before 1880, whose members are officers or enlisted, regular or reserve, active, retired or honorably discharged members of the armed forces or sea services of the United States, and a principal purpose of which is to provide insurance and other benefits to its members and their dependents or beneficiaries.
3. 4. Extended warranty insurers who comply with the bond requirements of section 20‑108.01. For the purposes of this paragraph "extended warranty insurer" means any insurer as otherwise defined by this title that does not manufacture, sell or service radio, television or sound reproduction equipment and that:
(a) For a premium charged, not greater than twenty dollars per annum, nor greater than a three‑year term, provides a nonrenewable warranty, guaranty or service contract on radio, television or sound reproduction equipment in addition to, or as an extension of, any warranty, guaranty or service provided by the manufacturer of such equipment.
(b) Is not otherwise authorized to transact property or casualty insurance business in this state or any other governmental jurisdiction.
(c) Is not owned or controlled in any degree nor to any extent by a person, persons or business otherwise authorized to transact property or casualty insurance business in this state or any other state or jurisdiction.
(d) Has gross sales in this state not exceeding one hundred thousand dollars annually.
(e) Has maximum contractual contingent liability not exceeding three hundred thousand dollars in this state.