Arizona Laws 20-535. Limitation on percentage of assets invested with single person; exception
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An insurer shall not, except with the consent of the director, have at any one time any combination of investments in or loans upon the security of the obligations, property or securities of any one person, institution, corporation or municipal corporation, aggregating any amount exceeding ten per cent of the insurer’s assets. This restriction shall not apply to investments in or loans upon the security of general obligations of the United States or any state of the United States or include policy loans made under section 20-550.
Terms Used In Arizona Laws 20-535
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215