20-681 - Arizona Statutes

20-681. Definitions In this article, unless the context otherwise requires: 1. "Account" means any of the three accounts established pursuant to section 20-683. 2. "Fund" means the life and disability insurance guaranty fund. 3. "Impaired insurer" means either: (a) An insurer which becomes insolvent and is placed under a final order of liquidation, rehabilitation or conservation by a court of competent jurisdiction. (b) An insurer deemed by the director to be unable or potentially unable to fulfill its contractual obligations. 4. "Member insurer" means a person authorized to transact any kind of insurance to which this article applies. 5. "Premiums" means direct gross insurance premiums and annuity considerations written on policies, less return premiums and considerations and dividends paid or credited to policyholders on such direct business, except dividends, refunds, savings coupons and other similar returns paid or credited to policyholders which are reapplied as premiums for new, additional or extended insurance. "Premiums" does not include premiums and considerations on contracts between insurers and reinsurers. As used in section 20-686 "premiums" are those for the calendar year preceding the determination of impairment. 6. "Resident" means a person who resides in this state at the time impairment is determined and to whom contractual obligations are owed.