§ 20-149 — Prohibition on certain activities by employees; conflict of interest

Arizona § 20-149

• Jurisdiction: Arizona
• Title 20: Arizona Revised Statutes
• Ch. 1: GENERAL PROVISIONS
• Art. 2: Administrative Officers and Procedures

Text

A. The director, or any deputy, examiner, assistant or employee of the director shall not be financially interested, directly or indirectly, in any insurer, agency or any entity regulated under this title except as a policyholder or claimant under a policy. As to such matters wherein a conflict of interests does not exist on the part of any such individual, the director may employ from time to time insurance actuaries or other technicians who are independently practicing their professions even though similarly employed by insurers and others.

B. The director or any deputy, examiner, assistant or employee of the director shall not be given nor receive any fee, compensation, loan, gift or other thing of value in addition to the compensation provided by law for any service rendered or to be rendered as such director, deputy or employee or in connection therewith.

C. This section shall not be deemed to prohibit employment by the director of retired or pensioned personnel of insurers or insurance organizations.

D. The director, or any deputy, examiner, assistant or employee of the department whose relative is an owner, partner, director, officer, holder of a beneficial interest of more than five per cent whether as a shareholder or otherwise or a salaried employee of any entity regulated under this title shall be subject to the conflict of interest and disclosure requirements set forth in title 38, chapter 3, article 8.

E. For purposes of subsection D, the term "relative" shall include all persons set forth in section 38-502, paragraph 9.