What is required if there is a change in address or organizational structure?

When there is a change in address or organizational structure for a business operating as an insurance entity, it is essential to notify the Arizona Department of Insurance within a specified timeframe, typically 30 days. This requirement ensures that the state regulatory authority has up-to-date information about the entity for compliance, communication, and oversight purposes. Keeping the Department informed facilitates proper record-keeping and ensures that the business can remain in good standing, thus avoiding potential legal or administrative issues that could arise from outdated or incorrect information.

While some may think that submitting a new license application might be sufficient or necessary, this is not the most efficient response, as the notification process is specifically designed for changes like address or organizational structure. Not taking any action could lead to consequences that could affect the operation of the business. Similarly, notifying a local government office may not be required or relevant to the licensing requirements set by the state insurance department.