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.
A corporation may contract with any company licensed to transact insurance in this state or any corporation organized pursuant to this title, under which contracts such company agrees, for consideration consisting of a specified premium, to assume the monetary obligations of the prepaid legal insurance contracts issued by the corporation upon the failure of the corporation itself to meet such obligations within the specified period. The corporation shall file each contract with the director, and such contract is subject to the approval of the director as to the fairness of its terms and premiums. Such contracts are deemed approved sixty days after the date of filing them with the director unless, before the expiration of the sixty day period, the director notifies the corporation in writing of the director's disapproval.