20-1096.06 Filing of cash or alternatives to cash
ArizonaStatutes
Ask Donna
How this section applies to your facts.
Arizona Code › Title 20 › Chapter 4 › Article 12 › Section 1096.06
Text
20-1096.06. Filing of cash or alternatives to cash
A. To assure faithful performance of its reinsurance obligations each mechanical reimbursement reinsurer shall, prior to the issuance of a certificate of authority, file with or for the benefit of the director cash or alternatives to cash which at all times have a value of at least one hundred thousand dollars.
B. The reinsurer may file alternatives to cash which shall be certificates of deposit purchased from a financial institution licensed to conduct business in this state or bonds of the United States government.
C. If alternatives to cash are made in the form of certificates of deposit or a bond, it shall be irrevocably pledged to the director. The reinsurer is entitled to any accrued interest earned from the alternatives to cash.
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.