AZ HB2005

Adds definition of "foreign captive insurer" to Arizona law as any captive insurer domiciled in and licensed under another state's laws with acceptable statutory or regulatory standards for captive insurance companies.

Allows foreign captive insurers to establish a business unit in Arizona and become licensed as branch captive insurers, subject to the same restrictions as alien captive insurers.

Permits domestic captive insurers to merge or consolidate with foreign or alien captive insurers regardless of whether they were formed as limited liability companies or stock corporations.

Requires branch captive insurers (whether alien or foreign) to maintain their principal place of business in Arizona and operate as pure captive insurers with respect to Arizona operations and minimum capitalization unless the director permits otherwise.

Requires branch captive insurers to file copies of reports and statements required by their home jurisdiction within sixty days after fiscal year end, verified by oath of two executive officers.