The proposed bill amends section 20-344 of the Arizona Revised Statutes, specifically regarding the transaction of insurance business. It allows rating organizations to utilize their own statistical plans as long as they do not materially conflict with the uniform statistical plan, and mandates that these plans must be filed with and approved by the director. The bill replaces the term "statistical agent designated by the director" with "designated statistical agent," streamlining the language.

Additionally, the bill modifies the process by which insurers can develop subclassifications of the uniform classification plan. It allows insurers to develop subclassifications directly or through their rating organizations, and requires that these subclassifications and their rates be filed with the director for a waiting period of at least fifteen days before becoming effective. The director retains the authority to disapprove subclassifications if they do not meet specific reporting or rate standards. Overall, the bill aims to clarify and simplify the existing regulations surrounding statistical plans and subclassifications in the insurance industry.

Statutes affected:
Introduced Version: 20-344