AZ SB1048

Amends Arizona Revised Statutes Section 20-122 to clarify that health care sharing ministries' practices do not constitute the transaction of insurance business in Arizona.

Defines "health care sharing ministry" as a nonprofit organization exempt from federal income tax under IRC Section 501 that limits participants to those sharing common ethical or religious beliefs.

Requires health care sharing ministries to act as facilitators matching participants with financial or medical needs to those able to assist, with contributions based on suggested amounts with no assumption of risk or promise to pay.

Mandates monthly written statements to participants listing total qualified needs submitted and amounts assigned for contribution, plus a written disclaimer on all applications stating participation is not insurance and members are not compelled to contribute.

Effective May 3, 2021.