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A.R.S. § 6-394

Prohibited ownership or control of a financial institution and interest in insurer insuring deposits; assets and reserves of insurer

Applied in 1 court decision — leading case State v. Superior Court of Maricopa County (1979)

Most recently applied in State v. Superior Court of Maricopa County (June 1979)

A. No person may own or control a financial institution and at the same time have an interest in an insurer that directly or indirectly insures or purports to insure the deposit accounts of the financial institution.

B. No insurer of the deposit accounts of a financial institution other than a federal insurance corporation shall have and maintain assets and reserves equaling less than fifty per cent of the withdrawal accounts or investment certificates of the insured financial institution.

Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.