Licensing Requirements: Surplus lines brokers are required to be licensed under Arizona law. Ariz. Rev. Stat. § 20-411(A), Ariz. Rev. Stat. § 20-287. To receive a resident surplus lines broker
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? No. Is a producer required to
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? An insurance producer may not charge or receive any
Fees and the services for which the fees are charged must be disclosed and agreed to in writing by insureds on forms approved by the Arizona insurance director. Ariz. Rev.
What entities are covered? A “person” (i.e., a “natural person, corporation, business trust, estate trust, partnership, association, joint venture, government or governmental subdivision or agency, or any other legal or