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.
DISCLAIMER
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. To qualify for initial authority to transact business a domestic life and disability reinsurer shall possess and thereafter maintain minimum required capital stock in the amount of $100,000.
B. To qualify for initial authority to transact business, an unaffiliated credit life and disability reinsurer shall possess and thereafter maintain unimpaired capital stock in the amount of $75,000. An unaffiliated credit life and disability reinsurer may comply with this subsection with a clean, irrevocable and unconditional letter of credit that contains an evergreen clause and that is payable to the director in trust for the protection of all ceding insurers, affected policyholders and related expenses and that is issued or confirmed by a qualified United States financial institution as defined in section 20-3601, subsection A. For the purposes of this subsection, an evergreen clause provides for automatic renewal.