The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
6-394 - Prohibited ownership or control of a financial institution and interest in insurer insuring deposits; assets and reserves of insurer
6-394. Prohibited ownership or control of a financial institution and interest in insurer insuring deposits; assets and reserves of insurer
A. No person may own or control a financial institution and at the same time have an interest in an insurer that directly or indirectly insures or purports to insure the deposit accounts of the financial institution.
B. No insurer of the deposit accounts of a financial institution other than a federal insurance corporation shall have and maintain assets and reserves equaling less than fifty per cent of the withdrawal accounts or investment certificates of the insured financial institution.