20-713.01. Directors; terms; staggered terms
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/az/title-20/20-713-01·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The members of a domestic mutual insurer or mutual insurance holding company shall elect directors at the annual meeting of members. Directors may be elected for terms of not more than one year each and shall serve until their successors are elected and qualified unless, notwithstanding any law to the contrary, the insurer's articles of incorporation or bylaws provide for staggering the terms of directors by dividing the total number of directors into groups containing as equal a number of directors as is possible and providing an initial term of office for directors in each group that expires at succeeding annual meetings of members, with at least one director elected each year.
Such staggered terms may not exceed five years each.