Arizona § 20-453 Programs for purchase by policyholders of securities of insurance companies

Arizona Statutes

§ 20-453 — Programs for purchase by policyholders of securities of insurance companies

Arizona § 20-453

Title 20Arizona Revised Statutes

Ch. 2TRANSACTION OF INSURANCE BUSINESS

Art. 6Unfair Practices and Frauds

This text of Arizona § 20-453 (Programs for purchase by policyholders of securities of insurance companies) 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. § 20-453 (2026).

Text

Notwithstanding the provisions of section 20-452 and notwithstanding any other provision of law, domestic life insurers, whether of the stock, mutual, fraternal or limited capital stock type, shall not be prohibited from engaging in a program whereby the holders of their life insurance policies are offered the right from time to time to buy for cash or to exchange dividends on such policies or other policy values resulting therefrom for securities in domestic corporations engaged in or organized to engage in the insurance business, but no such insurer shall engage in any such program unless the right to buy or the dividends or other policy values subject to exchange result from ownership of or are payable on account of a policy that from its inception is or that, within a period of not to 

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Notwithstanding the provisions of section 20-452 and notwithstanding any other provision of law, domestic life insurers, whether of the stock, mutual, fraternal or limited capital stock type, shall not be prohibited from engaging in a program whereby the holders of their life insurance policies are offered the right from time to time to buy for cash or to exchange dividends on such policies or other policy values resulting therefrom for securities in domestic corporations engaged in or organized to engage in the insurance business, but no such insurer shall engage in any such program unless the right to buy or the dividends or other policy values subject to exchange result from ownership of or are payable on account of a policy that from its inception is or that, within a period of not to exceed six years from its issue date, becomes a life insurance policy on a permanent plan other than term. From and after being placed on such permanent plan, every such policy shall be in full compliance with sections 20-1231 and 20-1231.01 (standard nonforfeiture law) computed as from the date of being placed on such permanent plan. No such offering shall be deemed to be exempt from title 44, chapter 12.