A.R.S. § 20-459: Deferred dividends; life

On and after January 1, 1961, no person shall make or issue or offer to make or issue any contract of life insurance or of life annuity which provides that any premiums, dividends, excess interest, mortality savings, gains from lapses, loadings, or earnings and accumulations therefrom, be payable only to those of a group of policyholders who make premium payments to the end of any period of time in excess of one year.