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.
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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.
20-663 - Guaranty fund board; composition; compensation
20-663. Guaranty fund board; composition; compensation
A. The guaranty fund board is established within the department of insurance and financial institutions consisting of eleven members who are appointed by the governor. Membership on the board shall be for a term of three years.
B. The members of the board shall be appointed from a list of persons submitted to the governor by the director of the department of insurance and financial institutions and shall be representative of a cross section of the industry that is authorized to transact property or casualty insurance within this state. The board shall be composed of:
1. Nine members, each representing a different insurer that is authorized to transact property or casualty insurance business in this state, including at least one member who represents a workers' compensation insurer that has been authorized to transact workers' compensation insurance business in this state for at least ten consecutive years.
2. One member who is a casualty insurance producer residing in this state.
3. One member who represents the general public.
C. The board shall conduct periodic meetings in Phoenix. Meetings shall be held on the call of the director or on the written request of any two members of the board.
D. Subject to the powers of the director, the board shall administer, operate and manage the fund pursuant to this article. The board shall advise and counsel the director on matters relating to the solvency of insurers.
E. Members of the board are not entitled to receive compensation and travel expenses as authorized by title 38, chapter 4, article 2, but are entitled to be reimbursed for expenses incurred by them as members of the board from the assets of the fund.