SB 1250 Summary

• Allows foreign insurers holding certificates of authority in another state to issue health and sickness insurance to individuals and small businesses in Arizona if they maintain financial reserves equal to Arizona requirements.

• Requires foreign insurers to register with the Arizona Department of Insurance before issuing policies and file annual financial reports; allows the director to revoke registration for financial reserve reductions, repeated regulatory violations, or non-compliance with Arizona insurance laws.

• Mandates that foreign insurer policies include a prominent notice stating the policy is governed by the issuing state's laws, not subject to all Arizona insurance laws, and may not include Arizona-mandated health coverage.

• Allows Arizona residents who purchase from foreign insurers to participate in the state's health care appeals process under chapter 15, article 2.

• Defines "small business" as a business with 50 or fewer employees and amends multiple Arizona Revised Statutes sections to include foreign insurers under various regulatory definitions and requirements.