20-583. Assets eligible for deposit
190 words·~1 min read·
/az/title-20/20-583A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. All deposits required for authority to transact insurance in this state shall consist of cash or any combination of the securities described in the following sections: section 20-537, section 20-538 and section 20-551, subsection A. The deposits by domestic stock life and disability insurers only or either of assets described in section 20-538 shall be limited to bonds and other evidences of indebtedness of this state or any of the counties or incorporated cities, towns or duly organized school districts within this state, and the deposits of assets described in section 20-551, subsection A shall be limited to banks or trust companies, credit unions and savings and loan associations which are domiciled in this state, but such limitations shall not apply to that part of those deposits which are in excess of the minimum amount necessary to transact insurance in this state.
B. All such deposits required pursuant to the laws of another state, province or country, or pursuant to the retaliatory provision set forth in section 20-230, shall consist of such assets as are required or permitted by such laws or as required pursuant to the retaliatory provision.