AZ Regulatory Bulletin 2014-08: Insurance Compliance Self-Evaluative Privilege

Department of Insurance State of Arizona Office of the Director Telephone: (602) 364-3471 Facsimile: (602) 364-3470 JANICE K. BREWER 2910 North 44th Street, Suite 210 GERMAINE L. MARKS Governor Phoenix, Arizona 85018-7269 Director www.azinsurance.gov REGULATORY BULLETIN 2014-081 TO: Insurance Industry Representatives, Insurance Trade Associations, Life & Disability Insurers, Property & Casualty Insurers, and Other Interested Parties FROM: Germaine L. Marks Director DATE: October 21, 2014 RE: Insurance Compliance Self-Evaluative Privilege The Arizona Legislature passed HB 2560 (Laws 2014, Chapter 154) that established an “Insurance Compliance Self-Evaluative Privilege.” These new provisions are effective on and after July 24, 2014. The purpose of this Regulatory Bulletin is to notify insurers of the requirements in A.R.S. § 20-3302(A)(5). Insurers must notify the director prior to the initiation of an Insurance Compliance Audit (Audit) and at the conclusion of the Audit. The notice at the initiation of the Audit must include:  The full company name;  The NAIC number;  Contact information of the person submitting the notice;  Line(s) of business affected;  Date audit commenced; and  A brief summary of the audit scope. Please send the notice to: Arizona Department of Insurance Market Oversight Division 2910 N 44th Street, Suite 210 Phoenix, AZ 85018 At the conclusion of the Audit, insurers must notify the director of the closing date. Please direct any questions related to this Regulatory Bulletin to Maria AiIor at (602) 364-4994. 1 This Substantive Policy Statement is advisory only. A Substantive Policy Statement does not include internal procedural documents that only affect the internal procedures of the Agency, and does not impose additional requirements or penalties on regulated parties or include confidential information or rules made in accordance with the Arizona Administrative Procedure Act. If you believe that this Substantive Policy Statement does impose additional requirements or penalties on regulated parties you may petition the agency under Arizona Revised Statutes Section 41-1033 for a review of the Statement.