SB1006 Summary

• Amends Arizona insurance law to establish the Director of Insurance as potential "group-wide supervisor" for internationally active insurance groups (those with premiums in 3+ countries, 10%+ premiums outside US, and $50B+ in assets or $10B+ in written premiums).

• Authorizes the Director to acknowledge another regulatory official as group-wide supervisor if the insurance group lacks substantial US operations, lacks substantial operations in Arizona, or if another jurisdiction is determined more appropriate based on specified factors.

• Grants the Director authority to conduct group-wide supervision activities including assessing enterprise risks, requesting financial and governance information from group members, coordinating risk mitigation measures, and communicating with other state, federal, and international regulators.

• Requires the Director to notify affected insurers and controlling persons before determining an insurance group is subject to Arizona group-wide supervision, allowing 30 days for additional information, and mandates publication of supervised groups on the department website.

• Permits the Director to enter into agreements with other regulatory agencies and insurance group members to clarify roles and procedures, with protections ensuring such agreements do not establish jurisdiction over entities not domiciled in Arizona.