Arizona § 20-506 - Unearned premium reserve
Full text of Arizona Arizona Revised Statutes § 20-506 — Unearned premium reserve, with citation guidance and answers to common questions.
§ 20-506. Unearned premium reserve
A. With reference to insurance against loss or damage to property, except as provided in section 20-507, and with reference to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force.
B. The director may require that the reserves be equal to the unearned portions of the gross premiums in force after deducting reinsurance in solvent insurers as computed on each respective risk from the policy's date of issue. The portions of the gross premiums in force, less reinsurance in solvent insurers to be held as a premium reserve, shall be computed according to the accounting practices and procedures manual adopted by the national association of insurance commissioners.
C. This section does not apply to title insurance.
Frequently Asked Questions About Arizona § 20-506
What does Arizona Revised Statutes § 20-506 cover?
Section 20-506 ("Unearned premium reserve") 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 § 20-506?
A common citation format is "Arizona Revised Statutes § 20-506" (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 § 20-506 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.