Assigned to BI FOR COMMITTEE

ARIZONA STATE SENATE

Phoenix, Arizona

FACT SHEET FOR S.B. 1196

insurance producer licensing; conforming changes

Purpose

Makes conforming changes to Arizona Revised Statutes (A.R.S.) regarding insurance producers.

Background

The First Regular Session of the Forty-fifth Legislature passed S.B. 1366 that adopted model legislation to conform Arizona statute to federal legislation. The goal of that legislation was to modernize the insurance industry in the United States and to address the inefficiency, lack of uniformity, reciprocity and coordination within the current multi-state insurance regulatory system. Legislative Council was ordered to propose legislation that conformed the rest of A.R.S. to changes made in S.B. 1366. S.B. 1196 is t he result of that mandate.

There is no anticipated fiscal impact to the state general fund.

Provisions

1. Makes numerous conforming changes.

2. Provides for a general effective date.

Prepared by Senate Staff

February 5, 2002