AZ SB1593

Allows foreign insurers holding certificates of authority in other states to issue health or sickness insurance in Arizona if they maintain financial reserves equal to or greater than Arizona's requirements and register with the Arizona Department of Insurance.

Requires foreign insurers issuing policies in Arizona to provide a prominent notice stating the policy is governed by the laws of the issuing state and is not subject to all Arizona insurance laws, including state-mandated coverage requirements.

Permits Arizona insurers to issue policies without certain state-mandated health coverage if a foreign insurer offers policies lacking those same mandates, creating competitive parity.

Establishes grounds for revocation of a foreign insurer's registration, including failure to maintain required financial reserves, repeated regulatory penalties in their home state, regulatory action level events, or non-compliance with Arizona insurance laws.

Expands the definition of "insurer" and "health care insurer" in various Arizona insurance statutes to include foreign insurers operating under section 20-238, ensuring they comply with premium taxes, service of process requirements, utilization review standards, and claim handling regulations.