Solomon Islands Finance

Feb 13 2018

Insurance FAQ, Arizona Automobile Theft Authority, arizona automobile insurance company.#Arizona #automobile #insurance #company

Insurance FAQ

Please feel free to contact the Arizona Automobile Theft Authority should you have any questions with regards to the assessment. For further information, contact Mr. Art Myer at (602) 364-2893 or e-mail [email protected] .

For companies that do not write auto insurance in the State of Arizona, please list the number of vehicles as zero (0) and complete the rest of the form.

The AATA will refer any companies that fail to pay the assessment in a timely manner to the Arizona Department of Insurance. Pursuant to Arizona Revised Statute §41-3453: “Failure to pay fee; Definition; the Automobile Theft Authority shall notify the Director of the Department of Insurance of an insurer’s failure to pay the fee prescribed by section §41-3451, subsection J. on receiving notice of an insurer’s failure to pay the fee, the Director may suspend the insurer’s Certificate of Authority or impose a civil penalty of not more than one hundred twenty percent of the amount due, or both. The insurer shall pay the civil penalty to the Director. The Director shall transmit the civil penalty to the state treasurer for deposit in the Automobile Theft Authority Fund.”

Yes. The Arizona Automobile Theft Authority (AATA) reviews assessment worksheets regularly and verifies their reasonableness through cooperative efforts with the Arizona Department of Insurance and the Arizona Department of Motor Vehicles. If questions arise during a review, the Arizona Automobile Theft Authority will contact the insurer for clarification.

Some of the most common errors are using an incorrect method of calculating the total number of vehicles insured. Using estimates, earned car years, or other pro rata methods is not correct. All vehicles insured for any length of time within the assessment period must be counted. All vehicles must be counted regardless of the time insured or how and when the premium was paid.

Insurers should verify that the assessment reports are based on vehicle exposures and not the number of policies.

Assessment forms will be mailed in June and December.

For the period from January 1st through June 30th the assessment is due on or before July 31st. For the period from July 1st through December 31st the assessment is due on or before January 31st. Payments received past the due date may be subject to penalties.

All vehicles weighing 26,000 lbs. or less that are insured for any length of time during the assessment period is assessed at a rate of .50. Multiply total vehicles times .50 will equal the assessment due.

Fleet vehicles and vehicles insured by non-admitted carriers must be counted. In the case of a car dealership, the assessment is calculated based upon the number of dealer plates.

All vehicles that meet the requirements of Arizona Revised Statute §41-3451 must be included when calculating the assessment due. Once the insurer collects the premium for any vehicle meeting the requirements, the fee is fully earned and non-refundable. This covers all vehicles that are insured regardless of the length of time insured during the assessment period. The term “issued,” as used in the statute, means all the vehicles that are insured for liability during the assessment period regardless of when the policy was issued, or the length of time the policy was in force.

All insured vehicles, both private and commercial, with a declared gross weight of 26,000 lbs or less must be included in calculating the semi-annual assessment.

As defined by Arizona Revised Statute §28-101, a motor vehicle is a vehicle that is operated on the highways of the State of Arizona and is propelled by the use of motor vehicle fuel.

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