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Arizona Revised Statutes Title 20. Insurance § 20-1242.01. Applicability and scope

Current as of January 01, 2025 | Updated by Findlaw Staff

A. This article applies to all group and individual annuity contracts and certificates except:

1. Registered or nonregistered variable annuities or other registered products.

2. Immediate and deferred annuities that contain no nonguaranteed elements.

3. Annuities used to fund:

(a) An employee pension plan that is covered by the employee retirement income security act of 1974 (29 United States Code § 1001 through 1461).

(b) A plan described by §§ 401(a), 401(k) or 403(b) of the internal revenue code, where the plan, for purposes of the employee retirement income security act of 1974, is established or maintained by an employer.

(c) A governmental or church plan as defined in § 414 of the internal revenue code or a deferred compensation plan of a state or local government or a tax exempt organization pursuant to § 457 of the internal revenue code.

(d) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.

4. Structured settlement annuities.

B. Notwithstanding subsection A of this section, this article applies if:

1. Annuities are used to fund a plan or arrangement that is funded solely by contributions an employee elects to make on a pretax or after tax basis.

2. The insurer has been notified that plan participants may choose from among two or more fixed annuity providers.

3. There is a direct solicitation of any individual employee by an insurance producer for the purchase of an annuity contract. For the purposes of this paragraph, direct solicitation does not include any meeting held by an insurance producer solely for the purpose of educating or enrolling employees in the plan or arrangement.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 20. Insurance § 20-1242.01. Applicability and scope - last updated January 01, 2025 | https://codes.findlaw.com/az/title-20-insurance/az-rev-st-sect-20-1242-01/

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