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ARIZONA HOUSE OF REPRESENTATIVESFifty-sixth Legislature First Regular Session |
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HB 2007: group excess liability insurance
Sponsor: Representative Livingston, LD 28
Committee on Commerce
Overview
Authorizes insurance companies to issue or deliver a group excess liability insurance policy (Policy).
Provisions
Group Excess Liability Insurance (Sec. 1)
1.
Permits an insurer to issue or deliver a
Policy which provides excess coverage after the insured's primary liability
insurance limits have been exhausted.
2. Specifies a group policy may provide ancillary and additional coverages to certificate holders provided the terms and conditions comply with statute.
3. Permits authorized insurers or unauthorized insurers to offer group excess liability insurance coverage in this state.
4. Stipulates that an authorized insurer who issues a Policy must file the policy and the certificate of insurance forms with the Department of Insurance and Financial Institutions.
5. Permits an insurer to issue a Policy to any eligible group to which a group disability insurance policy may be issued.
6. Limits the eligible group to only those natural persons identified as qualifying group members pursuant to statute and includes a certificate holder's immediate family or household.
7. Directs an insurer to treat all eligible groups of the same class in a like manner.
8. Specifies the Policy premiums can be wholly paid by the group policy holder, the certificate holders or both.
9. Requires the Policy to provide separate limits of coverage for each certificate holder
10. Requires that the group policyholder receives a copy of the group policy, and the certificate holder receives a copy of the certificate of insurance along with any endorsement or amendment.
11. Allows specified persons to send the certificate of insurance to the certificate holders on behalf of the insurer.
12. Requires the Policy to be provided to a certificate holder within a reasonable amount of time after the certificate of insurance is delivered and outlines the contents of the certificate of insurance.
13. Delineates Policy cancellation, nonrenewal or conditional renewal coverage requirements.
14. Permits a group policyholder to cancel the group policy for any reason provided the insurer and each affected certificate holder receives a 30-days written notice.
15. Specifies a circumstance in which a group policyholder is not required to give the notice to the affected certificate holders.
16. Requires a covered loss that occurs before the effective date of the cancellation or nonrenewal of the group policy to be covered as provided under the group policy.
17. Defines pertinent terms.
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21. HB 2007
22. Initials PRB Page 0 Commerce
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