The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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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.
20-545 - Preferred, guaranteed or preference stock
20-545. Preferred, guaranteed or preference stock
An insurer may invest in preferred, guaranteed or preference stocks or shares of any solvent institution created or existing under the laws of the United States or of any state, district or territory of the United States if those preferred, preference or guaranteed stocks or shares have received an investment grade rating as approved by the director. The director shall by order after a hearing prescribe the investment grade ratings and the recognized rating agencies for the purposes of this section. Preferred, guaranteed or preference stocks which have not received an investment grade rating may be eligible for investment if the issuer has issued comparable preferred, guaranteed or preference stocks which have received an investment grade rating approved by the director. The director shall prescribe standards by order after a hearing by which preferred, guaranteed or preference stocks which have not received an investment grade rating may be eligible for investment.