The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. No insurer may issue a policy of insurance subject to this article with a premium developed in a manner which is not consistent with a filing made pursuant to sections 20-357 and 20-385.
B. No insurer may make any adjustment to the full manual premium developed for any risk without adequate justification for that adjustment. An adjustment will be presumed to be adequately justified if both:
1. It is applied in a manner consistent with the insurer's filed rules.
2. The insurer's files contain adequate documentation of the facts supporting the adjustment.
C. A misclassification of a risk shall be considered an adjustment without adequate justification.
D. Each insurer shall maintain reasonable records of the information collected or used by it in developing the premium charged for any risk so that such records will be available to enable the director to verify compliance with this section.