Senate Bill 1294 Summary

• Repeals section 41-3020.17 of Arizona Revised Statutes regarding the Department of Insurance and Financial Institutions.

• Adds section 41-3025.02 establishing that the Department of Insurance and Financial Institutions terminates on July 1, 2025, if voters approve a constitutional amendment repealing the department's authority.

• Repeals multiple insurance and financial institutions statutes on January 1, 2026, including Title 6, Title 20, Title 32 chapters 9 and 36, Title 41 chapter 31, and Title 44 chapter 2.1.

• Continues the Department of Insurance and Financial Institutions to administer insurance and financial institutions laws, protect consumers, encourage market competition, and prevent unregulated activities.

• Effective retroactively to July 1, 2020; bill was approved by the Governor on March 24, 2020.