Arizona § 20-1271 Grace period in group annuity contracts

Arizona Statutes

§ 20-1271 — Grace period in group annuity contracts

Arizona § 20-1271

Title 20Arizona Revised Statutes

Ch. 6PARTICULAR TYPES OF INSURANCE

Art. 2Group Life Insurance and Group Annuity Contracts

This text of Arizona § 20-1271 (Grace period in group annuity contracts) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 20-1271 (2026).

Text

In group annuity contracts there shall be a provision that there shall be a period of grace, either of thirty days or of one month, within which any stipulated payment to be remitted by the holder to the insurer, falling due after one year from date of issue, may be made, subject, at the option of the insurer, to an interest charge thereon at a rate to be specified in the contract, which shall not exceed six per cent per annum for the number of days of grace elapsing before such payment.

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In group annuity contracts there shall be a provision that there shall be a period of grace, either of thirty days or of one month, within which any stipulated payment to be remitted by the holder to the insurer, falling due after one year from date of issue, may be made, subject, at the option of the insurer, to an interest charge thereon at a rate to be specified in the contract, which shall not exceed six per cent per annum for the number of days of grace elapsing before such payment.