1. 1. The insurance carrier providing the guaranty bond submits the bond to the Commission on the Workers’ Compensation Guaranty Bond Form, which is signed by an authorized representative of the Self-Insurer and the insurance carrier;
2. 2. Any rider of a guaranty bond is signed and dated by an authorized representative of the insurance carrier and the Self-Insurer;
3. 3. The penal sum of the guaranty bond or rider is no less than the amount the Self-Insurer is required to post as security under this Article;
4. 4. The insurance carrier issuing the guaranty bond or rider is authorized to transact the business of surety insurance in Arizona by the Department of Insurance and Financial Institutions;
5. 5. The insurance carrier issuing the guaranty bond or rider does not have an affiliate relationship with the Self-Insurer;
6. 6. The insurance carrier issuing the guaranty bond or rider has a rating with A.M. Best of at least A-; and
7. 7. The guaranty bond or rider bears the same effective date as the Authorization Date.

A Self-Insurer may post a guaranty bond or rider of a guaranty bond as security if:

Historical Note

New Section made by final rulemaking at 28 A.A.R. 3435 (October 28, 2022), with an immediate effective date of October 5, 2022 (Supp. 22-4).