20-559. Investments of foreign and alien insurers
156 words·~1 min read·
/az/title-20/20-559A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Foreign and alien insurers transacting insurance in this state shall have assets of the same general character and quality, and have invested in home office real property as permitted under paragraph 1 of section 20-556, all as specified in this article for domestic insurers, except that other investments authorized by the law of such an insurer's state or country of domicile may be recognized as assets in the discretion of the director.
B. A foreign insurer domiciled in a state that requires insurers domiciled in this state to invest in the securities of such state a stipulated percentage or amount of its reserves under its policies in force in such state, shall likewise be required to invest in similar securities of this state a like percentage or amount of its reserves under its policies in force in this state, and shall from time to time furnish proof of such investments as required by the director.