Arizona § 20-1563 - Qualifications

§ 20-1563. Qualifications

A. Any foreign or domestic stock insurer authorized by its corporate charter to engage in business as a title insurer shall be entitled to the issuance of a certificate of authority as a title insurer in this state upon meeting the applicable requirements of article 1 of chapter 2 of this title, together with the following additional requirements:

1. The insurer shall not transact any other kind of insurance.

2. The insurer shall have on deposit in public trust pursuant to section 20-213, the sum of two hundred fifty thousand dollars, plus fifty thousand dollars for each state or territorial subdivision of the United States, other than the state of its domicile, in which it shall be or become qualified to engage in the business of title insurance. When the aggregate of amounts so deposited in this or such other states or territorial subdivision has reached the sum of seven hundred fifty thousand dollars no further deposit shall be required of any domestic or foreign insurer.

3. The capital, surplus and accumulations of every foreign insurer shall be invested in obligations, assets and property of a kind and quality equal in value and safety to those permitted to domestic insurers by this title, and such investments, except with the consent of the director, shall not exceed the limitations provided hereby with respect to domestic insurers. Subsection A of section 20-559 shall not apply to title insurers.

B. If the provisions of this title require a greater amount of capital, surplus or deposit than the capital, surplus or deposit of a title insurer which was the holder of a validly issued, unexpired and unrevoked certificate of authority immediately prior to the effective date hereof, such title insurer shall have the period ending July 1 five years after the effective date hereof within which to comply with any such increased requirement.