Arizona § 20-431.02 Group and individual life insurance policy forms; identification for illustrations

Arizona Statutes

§ 20-431.02 — Group and individual life insurance policy forms; identification for illustrations

Arizona § 20-431.02

Title 20Arizona Revised Statutes

Ch. 2TRANSACTION OF INSURANCE BUSINESS

Art. 5.Life Insurance Illustrations

This text of Arizona § 20-431.02 (Group and individual life insurance policy forms; identification for illustrations) 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. § 20-431.02 (2026).

Text

A.Each insurer that markets policies shall notify the director whether a policy form will be marketed with or without an illustration. For all policy forms that are actively marketed on January 1, 2026, the insurer shall identify those policy forms and whether an illustration will be used. For all policy forms that are filed after January 1, 2026, the insurer shall make this identification at the time of filing. An insurer may change an identification by providing notice to the director.

B.If the insurer identifies a policy form as one to be marketed without an illustration, any use of an illustration for any policy using that form before the first policy anniversary is prohibited.

C.If the insurer identifies a policy form as one to be marketed with an illustration, a basic illustra

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A. Each insurer that markets policies shall notify the director whether a policy form will be marketed with or without an illustration. For all policy forms that are actively marketed on January 1, 2026, the insurer shall identify those policy forms and whether an illustration will be used. For all policy forms that are filed after January 1, 2026, the insurer shall make this identification at the time of filing. An insurer may change an identification by providing notice to the director.

B. If the insurer identifies a policy form as one to be marketed without an illustration, any use of an illustration for any policy using that form before the first policy anniversary is prohibited.

C. If the insurer identifies a policy form as one to be marketed with an illustration, a basic illustration shall be prepared and delivered in accordance with this article, except that a basic illustration does not need to be provided to individual members of a group or to individuals who are insured under multiple lives coverage that is issued to a single applicant unless the coverage is marketed to these individuals. For a group life insurance policy or a policy issued to a single applicant on multiple lives, the insurer may furnish either an individual or composite illustration representing coverage on the lives of members of the group or the multiple lives covered.

D. The insurer shall include a quote with the enrollment materials that are provided to potential enrollees of nonterm group life insurance policies that are subject to this article. The quote shall show potential policy values for sample ages and policy years on a guaranteed and nonguaranteed basis appropriate to the group and the coverage. This quote is not considered an illustration for the purposes of this article, but all information provided shall be consistent with the illustrated scale. The insurer shall provide a basic illustration at the delivery of the certificate to enrollees for nonterm group life insurance who have enrolled in more than the minimum premium necessary to provide pure death benefit protection and shall make the basic illustration available to any nonterm group life enrollee on request.