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.
20-2632 - Qualifications to issue variable annuities
20-2632. Qualifications to issue variable annuities
A. A company shall not issue or issue for delivery in this state variable annuities unless the director is satisfied that the company's condition or method of operation in connection with the issuance of variable annuity contracts will not be hazardous to the public or the company's policyholders in this state. The director shall consider the following:
1. The history and financial condition of the company.
2. The character, responsibility and fitness of the company's officers and directors.
3. If the company is a foreign company, the law under which the company is authorized in its domiciliary state to issue variable annuities.
B. If the company is a subsidiary of an authorized life insurance company or is affiliated with an authorized life insurance company by common management or ownership, the director may determine that the subsidiary has complied with subsection A, paragraph 2, if either:
1. The authorized life insurance company has satisfied the requirements under subsection A.
2. The authorized life insurance company or the company is authorized to and has a satisfactory record of doing business in this state for at least three years.
C. Before a company issues or issues for delivery variable annuities in this state, the company shall submit all of the following to the director:
1. A general description of the kinds of variable annuities the company intends to issue.
2. If requested by the director, a copy of the laws of the company's state of domicile under which the company is authorized to issue variable annuities.
3. If requested by the director, biographical data on the company's officers and directors. The biographical data shall be submitted on the national association of insurance commissioners' biographical data forms.