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Current as of March 08, 2022 | Updated by FindLaw Staff
The director shall not authorize an applicant to sell prepaid legal insurance contracts within this state unless the applicant:
1. Possesses and thereafter maintains unimpaired capital of at least six hundred thousand dollars, except that an applicant to sell prepaid legal insurance contracts that only provide legal services plans related to the lawful use of firearms shall possess and maintain unimpaired capital of at least fifty thousand dollars.
2. Possesses and thereafter maintains surplus funds in an amount equal to at least fifty percent of the capital requirement prescribed in paragraph 1 of this section.
3. Possesses and thereafter maintains an unearned premium reserve that meets the requirements prescribed in § 20-506.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 20. Insurance § 20-1097.10. Capital, surplus and reserve requirements - last updated March 08, 2022 | https://codes.findlaw.com/az/title-20-insurance/az-rev-st-sect-20-1097-10/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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