Arizona Laws 20-2637. Reports
A. At least once in each contract year after the first contract year, a company that issues individual variable annuities shall send to the contract holder at the contract holder’s last known address a statement reporting the investments that are held in the separate account as of a date not more than four months before the sent date. The company shall submit annually to the director on a form prescribed by the national association of insurance commissioners a statement of the business of its separate account or accounts.
Terms Used In Arizona Laws 20-2637
- 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.
- Company: means an insurer licensed pursuant to this title to transact life insurance or annuities in this state. See Arizona Laws 20-2631
- Contract: A legal written agreement that becomes binding when signed.
- sent: means to deliver by United States mail, personal delivery or fax or by electronic means consistent with the requirements of section 20-239. See Arizona Laws 20-117
- Separate account: means a separate account established pursuant to section 20-651 or the insurance laws of the insurer's state of domicile if the insurer is a foreign or alien insurer. See Arizona Laws 20-2601
B. If payments under an annuity contract have not yet commenced the statement shall contain either:
1. The number of accumulation units that are credited to the contract and the dollar value of a unit.
2. The value of the contract holder’s account.