Arizona § 20-487 - Definitions
Full text of Arizona Arizona Revised Statutes § 20-487 — Definitions, with citation guidance and answers to common questions.
§ 20-487. Definitions
In this article, unless the context otherwise requires:
1. "Accredited state" means a state in which the insurance department or other regulatory agency has qualified as meeting the minimum financial regulatory standards that are adopted and established by the national association of insurance commissioners.
2. "Control" or "controlled" has the same meaning prescribed in section 20-481.
3. "Controlled insurer" means a licensed insurer who is controlled by a producer.
4. "Controlling producer" means a producer who controls, directly or indirectly, an insurer.
5. "Licensed insurer" or "insurer" means a person, firm, association or corporation that is duly licensed to transact property or casualty insurance business in this state. For the purposes of this article, licensed insurer or insurer does not include a:
(a) Residual market pool and joint underwriting authority or association.
(b) Captive insurer. For the purposes of this subdivision, "captive insurer" means an insurance company, other than a risk retention group as defined in section 20-1098 or 20-2401, that is owned by another organization and whose exclusive purpose is to insure risks to member organizations or group members and their affiliates.
6. "Producer" means an insurance producer or any other person, firm, association or corporation when, for any compensation, commission or other thing of value, the person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of an insurance contract on behalf of an insured other than the person, firm, association or corporation.
Frequently Asked Questions About Arizona § 20-487
What does Arizona Revised Statutes § 20-487 cover?
Section 20-487 ("Definitions") 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 § 20-487?
A common citation format is "Arizona Revised Statutes § 20-487" (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 § 20-487 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.