This bill proposes updates to section 20-156 of the Arizona Revised Statutes concerning insurance assessment amounts. It modifies several current maximum assessment amounts for various ranges of total admitted assets by replacing outdated figures with new amounts. For instance, the maximum assessment for assets over $1 billion would increase from $22,500 to $39,375, while the assessment for assets over $49,999,999 would rise from $750 to $1,315. Additionally, the bill introduces a provision that mandates annual adjustments to these maximum assessment amounts based on the lesser of 2.5% or the average annual change in the metropolitan Phoenix consumer price index, ensuring that the amounts do not fall below the previous fiscal year's levels.

Furthermore, the bill includes a retroactive application clause effective from December 31, 2025, and stipulates that it will only take effect upon receiving a two-thirds affirmative vote from both houses of the legislature, or a three-fourths vote if vetoed by the governor. This legislative change aims to modernize the assessment framework in line with current economic conditions and inflation rates.

Statutes affected:
Introduced Version: 20-156