HB2005 is a bill that proposes amendments to the Arizona Revised Statutes relating to captive insurers. The bill aims to allow domestic captive insurers to merge or consolidate with other domestic, foreign, or alien captive insurers, regardless of whether they were formed as limited liability companies or stock corporations. It also seeks to enable foreign captive insurers to establish business units in Arizona and become licensed as branch captive insurers. The bill requires foreign captive insurers licensed as branch captive insurers to consent to the Director's examination of the insurer's affairs in their home jurisdiction.

The bill introduces a definition for "foreign captive insurer" as any captive insurer domiciled and licensed under the laws of another state with acceptable regulatory standards to the Director. It modifies the definition of "branch captive insurer" to include foreign captive insurers that establish a business unit with a principal place of business in Arizona. Additionally, the bill makes technical and conforming changes, such as narrowing the types of insurers for which the Director may act as a statutory agent and removing the specification that an alien captive insurer's consent to examination by the Director is a condition of licensure. The bill is set to become effective on the general effective date.

Statutes affected:
Introduced Version: 20-1098, 20-1098.01, 20-1098.08, 20-1098.15, 20-1098.21, 20-481, 20-1098.06, 20-822, 20-1051, 20-1001, 20-1097, 20-1562, 20-1541, 23-961, 20-1098.07, 20-1098.11, 20-167, 20-1098.23, 20-148, 20-159, 20-731, 20-2401, 20-488.02, 20-488.03, 20-488.04, 20-488.05, 20-260
House Engrossed Version: 20-1098, 20-1098.01, 20-1098.08, 20-1098.15, 20-1098.19, 20-1098.21, 20-481, 20-1098.06, 20-822, 20-1051, 20-1001, 20-1097, 20-1562, 20-1541, 23-961, 20-1098.07, 20-1098.11, 20-167, 20-1098.23, 20-148, 20-159, 20-731, 20-2401, 20-488.02, 20-488.03, 20-488.04, 20-488.05, 20-260
Chaptered Version: 20-1098, 20-1098.01, 20-1098.08, 20-1098.15, 20-1098.19, 20-1098.21, 20-481, 20-1098.06, 20-822, 20-1051, 20-1001, 20-1097, 20-1562, 20-1541, 23-961, 20-1098.07, 20-1098.11, 20-167, 20-1098.23, 20-148, 20-159, 20-731, 20-2401, 20-488.02, 20-488.03, 20-488.04, 20-488.05, 20-260