State RegulationsAZ specificDifficulty 2/5
A business entity licensed as an Arizona producer changes its principal business address. Under the change-of-information requirements, what must it do?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under A.R.S. 20-286(C), licensed business entities, like individual producers, must report changes to their licensing and business information — including a new principal business address — to the Arizona Department of Insurance and Financial Institutions. The change is reportable when it happens, not at the next renewal and not through private notifications.
Why the other options are wrong
- A) Wrong because A.R.S. 20-286(C) requires reporting when the information changes; waiting for renewal leaves the Department's records stale.
- C) Wrong because client notification is not the statutory mechanism; the change must go to the Arizona Department of Insurance and Financial Institutions.
- D) Wrong because a bank filing has no regulatory effect; the duty under A.R.S. 20-286(C) runs to the Department.
Memory hook
Entities too — business changes go to DIFI.