Section R20-6-604.07. Experience Reports

A.      By April 1 of each year, an insurer that transacts credit insur- ance in this state shall file with the Director an experience report, on a form specified by the Director, for each class of business that the insurer transacts as provided in this Section.

1.        In this Section, a “class of business” means:

a.         Credit unions;

b.        Banks, savings and loan institutions, and mortgage companies;

c.         Finance companies, small loan companies, and con- sumer lenders defined in A.R.S. § 6-601(5);

d.        Dealers, including auto, truck, and boat dealers, retail stores, and other persons selling financed goods; and

e.         All other persons selling credit insurance not specif- ically listed in subsection (A)(1)(a) through (d).

2.        The report shall include the following information:

a.         Mode of premium payment,

b.        Plan of benefits description,

c.         Earned premiums,

d.        Incurred claims,

e.         Loss ratios, and

f.         For credit life insurance, mean insurance in force.

B.       For each day a report is late, the Director may assess a penalty as prescribed in A.R.S. § 20-223.

Historical Note

New Section made by final rulemaking at 8 A.A.R. 2725, effective June 7, 2002 (Supp. 02-2).