Arizona § 20-170 Prohibited acts during sixty day period of supervision

Arizona Statutes

§ 20-170 — Prohibited acts during sixty day period of supervision

Arizona § 20-170

Title 20Arizona Revised Statutes

Ch. 1GENERAL PROVISIONS

Art. 2Administrative Officers and Procedures

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Bluebook

Ariz. Rev. Stat. Ann. § 20-170 (2026).

Text

During the period of supervision, the director may appoint a supervisor to supervise such insurance company and may provide that the insurance company may not do any of the following things, during the period of supervision, without the prior approval of the director or his supervisor:

1.Dispose of, convey or encumber any of its assets or its business in force;

2.Withdraw any of its bank accounts;

3.Lend any of its funds;

4.Invest any of its funds;

5.Transfer any of its property;

6.Incur any debt, obligation or liability;

7.Merge or consolidate with another company; or

8.Enter into any new reinsurance contract or treaty.

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During the period of supervision, the director may appoint a supervisor to supervise such insurance company and may provide that the insurance company may not do any of the following things, during the period of supervision, without the prior approval of the director or his supervisor:

1. Dispose of, convey or encumber any of its assets or its business in force;

2. Withdraw any of its bank accounts;

3. Lend any of its funds;

4. Invest any of its funds;

5. Transfer any of its property;

6. Incur any debt, obligation or liability;

7. Merge or consolidate with another company; or

8. Enter into any new reinsurance contract or treaty.