Arizona § 20-1055 - Deposit requirement
Full text of Arizona Arizona Revised Statutes § 20-1055 — Deposit requirement, with citation guidance and answers to common questions.
§ 20-1055. Deposit requirement
A. A health care services organization at all times shall maintain on deposit with the state treasurer through the director's office cash, or securities eligible for the investment of capital funds of domestic insurers under this title, or other financial security approved by the director in an amount of not less than five hundred thousand dollars.
B. The deposit prescribed by subsection A shall be held by the state treasurer in trust for the benefit and protection of persons covered by a health care plan and for the satisfaction of all debts and liabilities of the health care services organization.
C. Any securities within the description of subsection A, with the approval of the director, may be exchanged for similar securities or cash of equal amount. Interest on securities so deposited shall be payable to the health care services organization depositing them.
D. An unsettled final judgment arising upon an evidence of coverage shall be a lien on the deposit prescribed by subsection A, subject to execution after thirty days from the entry of final judgment. If the deposit is reduced, it shall be replenished within ninety days by the health care services organization.
E. Upon liquidation, dissolution or withdrawal of a health care services organization and the satisfaction of all of its debts and liabilities, any balance remaining of the cash or securities deposit prescribed in subsection A together with any other assets of the health care services organization shall be returned by the director to the health care services organization.
F. Unless preempted under federal law or unless federal law imposes greater requirements than this section, this section applies to a provider sponsored health care services organization.
Frequently Asked Questions About Arizona § 20-1055
What does Arizona Revised Statutes § 20-1055 cover?
Section 20-1055 ("Deposit requirement") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 20-1055?
A common citation format is "Arizona Revised Statutes § 20-1055" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 20-1055 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.