DIFI; certificates of insurance
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill regulates certificates of insurance in Arizona to prevent misleading or inaccurate documents. It prohibits certificates of insurance from altering existing policies, falsely claiming compliance with contracts, and requires notice to parties other than the policyholder regarding policy changes. The Arizona Insurance Director has the authority to investigate violations and assess civil penalties of up to $1,000 per violation.
Key provisions
- Certificates of insurance cannot alter existing insurance policies.
- Certificates cannot contain false or misleading information.
- Parties other than the policyholder must receive notice of cancellations or material changes to policies.
- The Arizona Insurance Director can investigate violations and issue cease and desist orders.
- The Director can assess civil penalties of up to $1,000 per violation.
- The Director can adopt rules to implement the law.
- The law applies to certificates of insurance for property and casualty risks in Arizona, regardless of location.
- Violated certificates are considered void.
Who is affected
- Insurance companies
- Insurance producers
- Policyholders
- Contractors
- Businesses requiring insurance certificates
Notable changes
- Establishes specific prohibitions regarding the content and use of certificates of insurance.
Bill text
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Sponsors
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1 on record
Primary sponsor
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