Bill Text: AZ HB2302 | 2013 | Fifty-first Legislature 1st Regular | Engrossed
Bill Title: Workers' compensation premiums; payment
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2013-03-07 - Referred to Senate CEM Committee [HB2302 Detail]
Download: Arizona-2013-HB2302-Engrossed.html
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House Engrossed |
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State of Arizona House of Representatives Fifty-first Legislature First Regular Session 2013
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HOUSE BILL 2302 |
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AN ACT
Amending title 20, chapter 2, article 4, Arizona Revised Statutes, by adding section 20‑360; relating to the transaction of insurance business.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 20, chapter 2, article 4, Arizona Revised Statutes, is amended by adding section 20-360, to read:
20-360. Workers' compensation deposit premiums; definition
A. An employer may choose to pay premiums for workers' compensation insurance on a semiannual, quarterly or monthly basis if the insurer makes such a payment plan available. This section does not compel the insurer to require collection of a deposit premium for periodic payment policies by an insurer.
B. Any deposit premium required by an insurer is payable at the inception of the policy term. The deposit premium shall not be less than the minimum premium stated in the policy. The deposit premium shall be credited to the final earned premium or renewal policy and shall not be credited to any interim premium adjustment.
C. For the purposes of this section, "deposit premium" means the initial payment an insurer requires to provide workers' compensation coverage.
