All Roll Calls
Yes: 146 • No: 23
ArizonaHB 2076Fifty-seventh Legislature - First Regular SessionHouseWALLET
life insurance; illustrations
Sponsored By: David Livingston (Republican)
Signed by Governor
annual certifications (s)annual reportapplicabilitybasic illustrationsdefinitions (s)delivery of illustrations (s)effective dateformat (s)group and individual life insurance policy forms (s)identification for illustrated (s)illustration actuaries (s)illustrationsinsurance - title 20life insurancelife insurance policy illustrations (s)narrative summary (s)notice to policyowners (s)numeric summary (s)penaltiesprohibitions (s)record retention (s)requirements (s)supplemental illustrationstabular detail (s)transaction of insurance business
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Clearer life insurance sales illustrations
Beginning December 31, 2025, Arizona’s rules cover most individual and group life policies. They exclude variable life, annuities, credit life, and policies whose illustrated death benefit is $10,000 or less per person. Insurers must identify whether each policy form is marketed with illustrations; a form marked “without illustration” cannot be illustrated before its first policy anniversary. Basic illustrations separate guaranteed values from values that can change and compare guarantees, the insurer’s scale, and a conservative scale that cuts dividends by 50% and averages interest and charges against guaranteed levels. Insurers and sellers cannot present uncertain values as guaranteed or use overly favorable or lapse-supported projections, except for policies that cannot build nonforfeiture values. Nonterm group life enrollment materials include sample quotes; enrollees paying more than the minimum for death-benefit-only coverage receive a basic illustration with their certificate. For a covered form sold with an illustration, the insurer does not also have to provide the usual policy summary.
Life policy reports and insurer oversight
When a basic illustration is used, signed copies go to the insurer and applicant with the application. If the issued policy differs, a revised signed illustration is due by delivery. Insurers must keep signed records until three years after a policy ends, but need not keep a copy if no policy is issued. Insurers send annual reports for policies designated to use illustrations, including policy values, benefits, premiums, loans, dividends, and adverse changes. Universal life reports include account activity and whether cash value is expected to keep coverage in force; policies without nonforfeiture values need a report only in years when nonguaranteed elements change. Policyowners can request a current in-force illustration each year at no charge. Insurer boards appoint qualified actuaries to certify scales and expense methods, and officers make annual certifications; errors and changes in responsible actuaries must be reported. Beginning January 1, 2026, violations are unfair trade practices, in addition to other penalties allowed by law.
Sponsors & Cosponsors
Sponsor
David Livingston
Republican • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 4/29/2025
FINAL: Passed
Yes: 41 • No: 14
House vote • 4/29/2025
CONCUR: Passed
Yes: 0 • No: 0
House vote • 4/9/2025
THIRD: Passed
Yes: 28 • No: 2
House vote • 3/10/2025
DPA
Yes: 6 • No: 1
House vote • 2/6/2025
THIRD: Passed
Yes: 53 • No: 6
House vote • 1/27/2025
C&P
Yes: 8 • No: 0
House vote • 1/21/2025
DPA
Yes: 10 • No: 0
Actions Timeline
Final Reading: Passed
4/29/2025HouseConcurrence: Passed
4/29/2025HouseThird Reading: Passed
4/9/2025HouseCommittee of the Whole: do pass amended
4/3/2025Houseundefined: PFC
3/17/2025Houseundefined: DPA
3/10/2025HouseThird Reading: Passed
2/6/2025HouseCommittee of the Whole: do pass amended
2/3/2025Houseundefined: C&P
1/27/2025Houseundefined: DPA
1/21/2025House
Bill Text
Chaptered Version
House Engrossed Version
Introduced Version
Senate Engrossed Version