AZ HB2193

Adds definition of "dormant captive insurer" to Arizona law: a captive insurer that has ceased transacting insurance business and has no outstanding liabilities or has never issued a policy before applying for dormancy status.

Creates new certificate of dormancy for eligible captive insurers, renewable every five years, requiring minimum unimpaired paid-in capital and surplus of $125,000 and annual financial condition reports.

Allows dormant captive insurers to surrender their dormancy certificate and resume insurance operations with director approval, and requires the director to revoke dormancy status if the insurer no longer meets the dormancy definition.

Modifies minimum capital requirements for protected cell captive insurers from $500,000 to $250,000.

Permits pure captive insurers to form as manager-managed limited liability companies in addition to existing corporate structures, and clarifies that limited liability company managers must include at least one Arizona resident.