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.
20-1663 - Unreasonable mass marketed insurance prohibited; hearing; findings; rules
20-1663. Unreasonable mass marketed insurance prohibited; hearing; findings; rules
A. No mass marketed life or health insurance may continue to be transacted in this state if the director finds that the total charges for the insurance to the persons who are insured are unreasonable in relation to the benefits provided. The director shall make any such finding after conducting a hearing on not less than thirty days' written notice to the insurer. The director shall make such findings in writing, including the reasons for such findings, and may issue an order directing the insurer to cease transacting such insurance. Such an order continues in effect until the director determines that the total charges for the insurance are found to be reasonable in relation to the benefits.
B. The director may adopt reasonable rules to determine whether the total charges for the insurance to persons insured are unreasonable in relation to the benefits provided.
C. Nothing in this section shall be construed to permit the director to set rates.