Signed by Governor Katie Hobbs

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that amends and statutes related to life insurance policies to redefine the term "illustration" as a presentation that includes non-guaranteed elements of a policy and require insurance companies to notify the director of the Arizona Department of Insurance and Financial Institutions and state whether a policy form will be marketed with or without an illustration.

Highlights:

• Amends statutes related to life insurance policies to redefine the term "illustration" as a presentation that includes non-guaranteed elements of a policy and require insurance companies to notify the director of the Arizona Department of Insurance and Financial Institutions and state whether a policy form will be marketed with or without an illustration (Sec. 1-2).

• Specifies that the provisions of this bill shall take effect beginning December 31, 2025 (Sec. 3).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that amends statutes related to life insurance policies to redefine the term "illustration" as a presentation that includes non-guaranteed elements of a policy and require insurance companies to notify the director of the Arizona Department of Insurance and Financial Institutions and state whether a policy form will be marketed with or without an illustration.

Highlights:

• Amends statutes related to life insurance policies to redefine the term "illustration" as a presentation that includes non-guaranteed elements of a policy and require insurance companies to notify the director of the Arizona Department of Insurance and Financial Institutions and state whether a policy form will be marketed with or without an illustration (Sec. 1-2).

• Specifies that the provisions of this bill shall take effect beginning December 31, 2025 (Sec. 3).

Full Bill Text