20-532. Eligible investments A. Insurers shall invest in or loan their funds on the security of, and shall hold as assets, only eligible investments as prescribed in this article. B. Any particular investment that was held by an insurer on January 1, 1955, that was a legal investment at the time it was made and that the insurer was legally entitled to possess immediately before January 1, 1955 is an eligible investment. C. The eligibility of an investment shall be determined as of the date of its making or acquisition. D. Any investment limitation based on the amount of the insurer's assets or particular funds shall relate to assets or funds as shown by the insurer's annual statement as of the December 31 last preceding date of investment or on the insurer's most recently required statutory balance sheet filed with the director, unless the accounting practices and procedures manual adopted by the national association of insurance commissioners prescribes the use of a different financial statement. E. Any investment shall not be disqualified solely because it is held in a security depository if the director has approved the depository.
Arizona Legal Code