HB 2044 Summary

• Amends definitions in Arizona insurance law to add "deliver" and modernize terminology throughout Title 20, including changing "shall" to "is" and "him/his" to gender-neutral pronouns.

• Modifies electronic delivery requirements for insurance notices to require insurers to send separate notice when uploading documents to portals and allows named insureds to opt out of electronic delivery in favor of hard copy without penalty.

• Exempts website operators and payment processors from insurance producer licensing requirements if they do not sell, solicit, or negotiate insurance.

• Adds "federal home loan bank" definitions and protections throughout liquidation and delinquency proceedings to prevent federal home loan banks from being stayed or enjoined from enforcing security agreements with insurer members.

• Updates service contract regulations to clarify disclosure requirements for preexisting conditions, allow exclusion only if conditions were visually inspectable, and reduce minimum net worth requirement for certain manufacturers' affiliates from $100 million to $25 million; modifies nonrenewal notice requirements to require notification to both the agent and named insured.