Arizona § 20-663 - Guaranty fund board; composition; compensation
Full text of Arizona Arizona Revised Statutes § 20-663 — Guaranty fund board; composition; compensation, with citation guidance and answers to common questions.
§ 20-663. Guaranty fund board; composition; compensation
A. The guaranty fund board is established within the department of insurance and financial institutions consisting of eleven members who are appointed by the governor. Membership on the board shall be for a term of three years.
B. The members of the board shall be appointed from a list of persons submitted to the governor by the director of the department of insurance and financial institutions and shall be representative of a cross section of the industry that is authorized to transact property or casualty insurance within this state. The board shall be composed of:
1. Nine members, each representing a different insurer that is authorized to transact property or casualty insurance business in this state, including at least one member who represents a workers' compensation insurer that has been authorized to transact workers' compensation insurance business in this state for at least ten consecutive years.
2. One member who is a casualty insurance producer residing in this state.
3. One member who represents the general public.
C. The board shall conduct periodic meetings in Phoenix. Meetings shall be held on the call of the director or on the written request of any two members of the board.
D. Subject to the powers of the director, the board shall administer, operate and manage the fund pursuant to this article. The board shall advise and counsel the director on matters relating to the solvency of insurers.
E. Members of the board are not entitled to receive compensation and travel expenses as authorized by title 38, chapter 4, article 2, but are entitled to be reimbursed for expenses incurred by them as members of the board from the assets of the fund.
Frequently Asked Questions About Arizona § 20-663
What does Arizona Revised Statutes § 20-663 cover?
Section 20-663 ("Guaranty fund board; composition; compensation") 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 § 20-663?
A common citation format is "Arizona Revised Statutes § 20-663" (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 § 20-663 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.