Arizona § 20-1243.05 Compliance; enforcement; penalties

Arizona Statutes

§ 20-1243.05 — Compliance; enforcement; penalties

Arizona § 20-1243.05

Title 20Arizona Revised Statutes

Ch. 6PARTICULAR TYPES OF INSURANCE

Art. 1.Protection in Annuity Transactions

This text of Arizona § 20-1243.05 (Compliance; enforcement; penalties) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 20-1243.05 (2026).

Text

A.An insurer is responsible for compliance with this article. If a violation occurs, either because of the action or inaction of the insurer or its producer, the director may order:

1.The insurer to take reasonably appropriate corrective action for any consumer who is harmed by a failure to comply with this article by the insurer, an entity contracted to perform the insurer's supervisory duties or the producer.

2.A general agency, independent agency or the producer to take reasonably appropriate corrective action for any consumer who is harmed by the producer's violation of this article.

3.Appropriate penalties and sanctions.

B.The director may reduce or eliminate any applicable penalty under sections 20-220, 20-295 and 20-456 for a violation of this article if corrective action

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A. An insurer is responsible for compliance with this article. If a violation occurs, either because of the action or inaction of the insurer or its producer, the director may order:

1. The insurer to take reasonably appropriate corrective action for any consumer who is harmed by a failure to comply with this article by the insurer, an entity contracted to perform the insurer's supervisory duties or the producer.

2. A general agency, independent agency or the producer to take reasonably appropriate corrective action for any consumer who is harmed by the producer's violation of this article.

3. Appropriate penalties and sanctions.

B. The director may reduce or eliminate any applicable penalty under sections 20-220, 20-295 and 20-456 for a violation of this article if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.

C. The authority to enforce compliance with article is vested exclusively with the director.