§ 20-400.10 — Industrial insureds

Arizona § 20-400.10

• Jurisdiction: Arizona
• Title 20: Arizona Revised Statutes
• Ch. 2: TRANSACTION OF INSURANCE BUSINESS
• Art. 4.: Compliance With Filed Rates

Text

A. An industrial insured as defined in section 20-401.07 may purchase and an admitted insurer may sell to an industrial insured a policy of insurance that is subject to article 4.1 of this chapter and that is on a form that has not been filed for review or approval by the director pursuant to article 4.1 of this chapter. The admitted insurer may use rates for a policy provided pursuant to this section that have not been filed for review or approval by the director pursuant to article 4.1 of this chapter.

B. At the inception of each new policy and at the time of each renewal, but not less than annually during the term of the policy, each industrial insured that purchases a policy as provided in this section shall certify to the insurer on a form prescribed by the director that the insured meets the definition of industrial insured prescribed in section 20-401.07.

C. Except as otherwise provided in section 20-407, subsection B, the insurer shall maintain the certification described in subsection B of this section in the insurer's policy file.

D. The following provisions do not apply to insurance issued to industrial insureds pursuant to this section:

1. Section 20-229.

2. Section 20-400.

3. Sections 20-400.01 through 20-400.05 and 20-400.07.

4. Section 20-448, subsection C.

5. Section 20-451.

6. Section 20-452.

7. Section 20-465.

8. Sections 20-1111 through 20-1117.

9. Sections 20-1120, 20-1121 and 20-1122.

10. Article 4.1 of this chapter.

11. Chapter 3, article 6 of this title.

12. Chapter 6, articles 7 and 14 of this title.

E. Any policy issued for delivery to an industrial insured in this state by an insurer pursuant to this section shall contain a conspicuously stamped or written notice in bold-faced type that states:

Pursuant to Arizona Revised Statutes section 20-400.10, this policy and the rates charged for it have not been filed with or approved by the director of the Arizona department of insurance and financial institutions. Certain provisions of Arizona law, specified in Arizona Revised Statutes section 20-400.10, do not apply to this policy. If the insurer that issued this policy becomes insolvent, insureds or claimants will not be eligible for insurance guaranty fund protection pursuant to Arizona Revised Statutes title 20.

F. An insurer shall annually file with the insurer's annual statement filed pursuant to section 20-223 on a form prescribed by the director the following information for the prior year ending December 31 for all policies issued to industrial insureds pursuant to this section:

1. The total number of policies written.

2. The total premiums written.

3. The total premiums earned.

4. The total losses paid.

5. The total losses incurred.

6. The total number of claims incurred.

7. Any other information the director deems appropriate.