Seeks to grant agency discretion for awarding experience credit hours to registered trainee appraisers when designated supervisor appraiser fails to document reports.
AZ INS 4-46-202.01 unfairly dictates mandatory denial of experience credits to registered trainee appraiser for failure on the part of designated supervisor appraiser.
Amends prohibitions on registration of appraisal management company (AMC) to align with corresponding federal law and regulations, 12 USC 3353(d) and 12 CFR 34.214.
Federal authority prohibits registration if AMC is owned by a person who has had an appraiser license refused, denied, cancelled, surrendered or revoked by any state.
AZ INS 4-46-403 and AZ INS 4-46-406 existing language limit inquiry to persons with a 10% or more ownership interest which is incompatible with the federal requirement.
Consultation
Request for an oral proceeding on rulemaking to be submitted by Aug. 25, 2024.
Aug. 2024 AZ INS Notice of Comment Period
On Aug. 7, 2024, AZ INS published notice of comment period for proposed rulemaking.
Comment by Aug. 25, 2024; if oral proceeding is requested, comment period extends.
Nov. 2024 AZ INS Final Rulemaking
On Nov. 22, 2024, AZ INS published final rule in Stateregister, effective Jan. 5, 2025.
Regulators
AZ INS
Entity Types
Corp; Ins
Reference
RF, COL SR Vol. 30 No. 47, 11/22/2024; Nt, 8/7/2024; RF R24-132, AZ SR Vol. 30 No. 30 p. 2401, 7/26/2024; Citation: *AZ INS* 4-46-202.01, 4-46-403, 4-46-406; 12 USC 3353(d); 12 CFR 34.214;
Functions
Actuarial and Valuation; Compliance; Financial; Legal; Operations; Registration/Licensing; Reporting; Training
