This bill proposes significant updates to current statutes regarding the regulation of insurance organizations in Arizona. It renames "advisory organizations" to "modeling and data organizations" and applies the existing statutory authorities and requirements of advisory organizations to these new entities. The bill removes the requirement for modeling and data organizations to file an agreement allowing the Director of the Department of Insurance and Financial Institutions (DIFI) to examine them, effectively eliminating the Director's authority to conduct examinations of these organizations. Additionally, it mandates that modeling and data organizations file models to be used by insurers for rate-making, while allowing the Director to request supporting data to verify compliance with statutory requirements.

Furthermore, the bill ensures that any models, supporting data, or additional information submitted by modeling and data organizations are confidential and not subject to public records requests. It also clarifies that the regulations governing these organizations do not prevent them from filing models for insurers. The bill makes technical and conforming changes to align with the updated terminology and requirements, while also updating references to the National Association of Insurance Commissioners Reinsurance Act. Overall, these changes aim to streamline the regulatory framework for insurance organizations in Arizona.

Statutes affected:
Introduced Version: 20-381, 20-390.01
House Engrossed Version: 20-235, 20-341, 20-368, 20-370, 20-381, 20-387, 20-388, 20-390, 20-392, 20-393, 20-394, 20-396, 20-409, 20-3604, 20-223, 20-369, 20-384, 20-385, 20-383, 20-151, 20-162, 20-395, 20-391, 41-1092.08
Senate Engrossed Version: 20-235, 20-341, 20-368, 20-370, 20-381, 20-387, 20-388, 20-390, 20-392, 20-393, 20-394, 20-396, 20-409, 20-3604, 20-223, 20-369, 20-384, 20-385, 20-383, 20-151, 20-162, 20-395, 20-391, 41-1092.08