Bill > HB2174

This bill amends Arizona insurance laws to replace the term "advisory organization" with "modeling and data organization" throughout various sections, reflecting a shift in how these entities function and are regulated. Essentially, these organizations, which assist insurers in rate-making by collecting and providing data or recommendations, will now be referred to by their new designation. The bill also introduces new provisions allowing "modeling and data organizations" to file rate-making models with the director, requiring supporting data and making this information confidential. This change aims to modernize the regulatory framework for insurance data and modeling, ensuring that insurers have access to reliable tools for setting rates while maintaining transparency and oversight by the insurance director.

Budget and Finance, Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/83837