Arizona § 20-488.04 Authorized control level event

Arizona Statutes

§ 20-488.04 — Authorized control level event

Arizona § 20-488.04

Title 20Arizona Revised Statutes

Ch. 2TRANSACTION OF INSURANCE BUSINESS

Art. 12Risk-Based Capital for Insurers

This text of Arizona § 20-488.04 (Authorized control level event) 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. § 20-488.04 (2026).

Text

If an authorized control level event occurs with respect to an insurer, the director shall either:

1.Take those actions that are required under section 20-488.03 regarding an insurer to whom a regulatory action level event has occurred.

2.If the director deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take any actions that are necessary to place the insurer under regulatory control pursuant to chapter 1, article 2 and chapter 3, article 4 of this title. If the director takes these actions, the authorized control level event shall be deemed to be sufficient grounds for the director to take action under chapter 1, article 2 and chapter 3, article 4 of this title, and the director has the rights, powers and duties with respect to t

Free access — add to your briefcase to read the full text and ask questions with AI

If an authorized control level event occurs with respect to an insurer, the director shall either:

1. Take those actions that are required under section 20-488.03 regarding an insurer to whom a regulatory action level event has occurred.

2. If the director deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take any actions that are necessary to place the insurer under regulatory control pursuant to chapter 1, article 2 and chapter 3, article 4 of this title. If the director takes these actions, the authorized control level event shall be deemed to be sufficient grounds for the director to take action under chapter 1, article 2 and chapter 3, article 4 of this title, and the director has the rights, powers and duties with respect to the insurer that are set forth in chapter 1, article 2 and chapter 3, article 4 of this title. If the director takes any action under this paragraph pursuant to an adjusted RBC report, the insurer is entitled to the same protection that is afforded to insurers under chapter 1, article 2 and chapter 3, article 4 of this title.