ARIZONA HOUSE OF REPRESENTATIVES Fifty-fourth Legislature Second Regular Session
	Senate: FIN DP 9-0-1-0 | 3^rd Read 26-0-4-0 House: RA DP 7-0-0-0

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SB 1294: insurance and financial institutions; continuation

Sponsor:  Senator Mesnard, LD 17

House Engrossed

Overview

Continues the Arizona Department of Insurance and Financial Institutions (DIFI) for five years.

History

Pursuant to A.R.S. § 41-2953, the Joint Legislative Audit Committee assigned the sunset review of the Arizona Department of Insurance (Department) to the Senate Finance and the House of Representatives Regulatory Affairs Committee of Reference (COR). The Senate Commerce COR met on December 17, 2019 and recommended that DIFI be continued for five years, until July 1, 2025. The House Regulatory Affairs COR met on January 16, 2020 and recommended that Department be continued for five years.

Laws 2019, Chapter 252 merged the Arizona Department of Financial Institutions and the Automobile Theft Authority as divisions within the Department.  The Department was also renamed the Arizona Department of Insurance and Financial Institutions, effective July 1, 2020.  

The Department was most recently continued for 10 years pursuant to Laws 2010, Chapter 13.

Provisions

1. Continues DIFI until July 1, 2025. (Sec. 2)

2. Repeals, subject to voter approval, DIFI on January 1, 2026. (Sec. 2)

3. Contains a purpose clause. (Sec. 3)

4. Contains a retroactivity clause of July 1, 2020.  (Sec. 4)

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                        SB 1294

Initials JR/LB  Page 0 House Engrossed

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