Unless exempt pursuant to chapter 5, article 1 of this title, each insurer shall file with the director all variable annuity contracts and all riders, endorsements, applications and other documents that are attached to and made part of the contract and that relate to the variable nature of the contract. The director shall approve all variable annuity contracts before they are delivered or issued for delivery in this state.

Terms Used In Arizona Laws 20-2634

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • Variable annuity: means an individual policy or contract that provides for annuity benefits that vary according to the investment experience of a separate account or accounts that the insurer maintains pursuant to section 20-651 or the corresponding insurance laws of a foreign insurer's domiciliary state. See Arizona Laws 20-2631
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