Arizona § 20-2632 - Qualifications to issue variable annuities
Full text of Arizona Arizona Revised Statutes § 20-2632 — Qualifications to issue variable annuities, with citation guidance and answers to common questions.
§ 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.
Frequently Asked Questions About Arizona § 20-2632
What does Arizona Revised Statutes § 20-2632 cover?
Section 20-2632 ("Qualifications to issue variable annuities") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 20-2632?
A common citation format is "Arizona Revised Statutes § 20-2632" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 20-2632 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.