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In 2019, the Arizona Legislature adopted the NAIC Corporate Governance Annual Disclosure Model Act at Arizona Revised Statutes (“ARS”) by enacting the Corporate Governance Act at Title 20, Chapter 2, Article 16 (Laws 2019, 1st Reg. Sess., Ch. 180, § 1). The Department of Insurance (“Department”) seeks to adopt the correlate Corporate Governance Annual Disclosure Model Regulation. ARS § 20-492.02 allows the Department to adopt rules to carry out the Act upon notice and an opportunity to be heard. The Legislature has exempted the Department from Title 41, Chapter 6 for one year after the effective date of the Act. (Laws 2019, 1st Reg. Sess., Ch. 180, § 2.)
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