Title 20 — Insurance
29 chapters · 1,539 sections in this title.
A.R.S. § 20-1801 Definitions
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In this chapter, unless the context otherwise requires: 1. "Assets of a life care facility" means those assets held in the name of the life care facility only. 2. "Contract holder" means a person who enters into a life care contract with a provider or who is designated, in a life…
A.R.S. § 20-1802 Permit required; application; definition
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A. No person may solicit or enter into a life care contract as a provider or as a provider extend the term of an existing life care contract except pursuant to this chapter. B. To qualify for a permit to enter into life care contracts with respect to a particular facility or to p…
A.R.S. § 20-1803 Issuance of permit
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A. The director shall review applications for completeness and issue a report of deficiencies to the applicant within sixty days of receipt of the application. The director shall issue a permit to the provider within thirty days of the receipt of a completed application and exhib…
A.R.S. § 20-1804 Entrance fee escrow; refundable fee
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A. As a condition for the issuance of a permit pursuant to section 20-1803, the director shall require that the provider establish an escrow account with a licensed agent which provides that all of any entrance fee received by the provider before the date the resident is allowed …
A.R.S. § 20-1805 Recording of lien by director
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A. The director shall, as a condition to granting a permit to an applicant, record with the county recorder of any county a notice of lien against the facility's properties on behalf of all residents and contract holders who enter into life care contracts with the applicant to se…
A.R.S. § 20-1806 Reserve fund escrow
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The director shall, as a condition of the issuance of a permit pursuant to section 20-1803, require that the provider maintain on a current basis, in escrow with a bank, trust company or other escrow agent approved by the director, an amount which equals the aggregate principal a…
A.R.S. § 20-1807 Annual report; civil penalty
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A. Each year not later than ninety days after the last day of the provider's fiscal year, each provider shall file with the department an annual report accompanied by the fee prescribed in section 20-167. The annual report shall include the information required by section 20-1802…
A.R.S. § 20-1808 Ratio of assets to liabilities; report; rehabilitation of provider
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A. The provider shall possess assets in the first year of operation equal to at least seventy-five percent of the unamortized endowment fees plus all other liabilities including long-term debt. The unamortized endowment fees shall be based on life expectancy of purchasers. Therea…
A.R.S. § 20-1809 Examination
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The director may conduct an examination of the affairs of any provider as often as he deems it necessary for the protection of the interests of the people of this state and for this purpose shall have the powers set forth in this title with respect to examinations of insurers.
A.R.S. § 20-1810 Rules and regulations
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The director may promulgate reasonable rules and regulations for effectuating any provision of this chapter.
A.R.S. § 20-1811 Violation; classification
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After January 1, 1978, any person acting in the capacity of a provider who enters into a life care contract, or extends the term of an existing life care contract, without first having been issued a permit by the department or without otherwise acting in compliance with the provi…
A.R.S. § 20-1812 Disclosure statement; contents; refunds
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1. A disclosure statement that contains a copy of the provider's certified financial statements and feasibility study prepared according to section 20-1802 and any other information required by the director. The cover of the disclosure statement shall contain the following statem…