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.
A. A trust company doing business under this chapter shall obtain and maintain a fidelity bond, naming the trust company as obligee, in the following amounts:
Trust Assets Fidelity
(market value) Bond Amounts
less than $3,000,000 $500,000
$3,000,000 to $4,999,999 $525,000
$5,000,000 to $7,499,999 $550,000
$7,500,000 to $9,999,999 $575,000
$10,000,000 to $14,999,999 $600,000
$15,000,000 to $19,999,999 $650,000
$20,000,000 to $24,999,999 $700,000
$25,000,000 to $34,999,999 $750,000
$35,000,000 to $49,999,999 $850,000
$50,000,000 to $74,999,999 $950,000
$75,000,000 to $99,999,999 $1,000,000
$100,000,000 to $149,999,999 $1,250,000
$150,000,000 to $249,999,999 $1,600,000
$250,000,000 to $499,999,999 $2,100,000
$500,000,000 to $999,999,999 $2,400,000
$1,000,000,000 to $2,000,000,000 $4,400,000
to $3,000,000,000 $6,000,000
for every $1,000,000,000 over
B. The trust company shall file a signed copy of its bond with the superintendent, and the bond remains a part of the department's records. The bond company shall not cancel the bond for failure to pay the premium unless the bond company files a written notice with the department at least thirty days before canceling the bond. The bond company shall not cancel the bond for any other reason unless the bond company files a written notice with the department at least forty-five days before canceling the bond.
C. The bond may contain a deductible clause not to exceed fifteen per cent of the face amount of the bond. If the deductible exceeds fifteen per cent of the face amount of the bond, the deductible clause must be approved by the superintendent.