Arizona § 20-503 - Assets not allowed as deductions from liabilities
Full text of Arizona Arizona Revised Statutes § 20-503 — Assets not allowed as deductions from liabilities, with citation guidance and answers to common questions.
§ 20-503. Assets not allowed as deductions from liabilities
In addition to assets impliedly excluded by section 20-501, the department shall not allow the following as assets in any determination of the financial condition of an insurer:
1. Advances to officers, other than policy loans, whether secured or not, and advances to employees, agents and other persons on personal security only.
2. Stock of the insurer that is owned by the insurer or any equity in the stock, any loans secured by the stock or any proportionate interest in the stock acquired or held through the insurer's ownership of an interest in another firm, corporation or business unit.
3. Furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literature and supplies, except in the case of title insurers materials and plants as the insurer is expressly authorized to invest in under chapter 6, article 9 of this title and except, in the case of any insurer, personal property as the insurer is permitted to hold pursuant to chapter 3, article 2 of this title, or that is acquired through foreclosure of chattel mortgages acquired pursuant to section 20-555, or that is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate the insurer uses for home office, branch office and similar purposes.
4. The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value as determined under this title.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 20-503
What does Arizona Revised Statutes § 20-503 cover?
Section 20-503 ("Assets not allowed as deductions from liabilities") 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 § 20-503?
A common citation format is "Arizona Revised Statutes § 20-503" (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 § 20-503 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.