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REFERENCE TITLE: DIFI; continuation |
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State of Arizona House of Representatives Fifty-seventh Legislature First Regular Session 2025
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HB 2210 |
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Introduced by Representative Livingston
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AN ACT
Repealing section 41-3025.02, arizona revised statutes; amending title 41, chapter 27, article 2, arizona revised statutes, by adding SECTION 41-3033.02; relating to the department of insurance and financial institutions.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Repeal
Section 41-3025.02, Arizona Revised Statutes, is repealed.
Sec. 2. Title 41, chapter 27, article 2, Arizona Revised Statutes, is amended by adding section 41-3033.02, to read:
41-3033.02. Department of insurance and financial institutions; termination July 1, 2033
If the voters approve a constitutional amendment repealing the authority for the department of insurance pursuant to article XV, section 5, constitution of Arizona:
1. The department of insurance and financial institutions terminates on July 1, 2033.
2. Title 6, title 20, title 32, chapters 9 and 36, title 41, chapter 31, title 44, chapter 2.1 and this section are repealed on January 1, 2034.
Sec. 3. Purpose
Pursuant to section 41-2955, subsection B, Arizona Revised Statutes, the legislature continues the department of insurance and financial institutions to administer this state's insurance and financial institution laws, protect the citizens of this state who purchase insurance or transact business with state financial institutions, provide a better response to the needs of persons who purchase insurance or transact business with state financial institutions, stimulate the insurance and state financial institutions market by encouraging competition, protect the public from unregulated insurers and financial institutions and represent insurance consumers' and state financial institutions consumers' interests.
Sec. 4. Retroactivity
Sections 1 and 2 of this act apply retroactively to from and after July 1, 2025.