Ariz. Rev. Stat. § 20-536 – Investments; type; limitations

A. Every insurer may invest and maintain invested funds in cash and in the securities and investments described in this article without limitation unless a limitation for the securities and investments is otherwise prescribed in this article.
B. Except with the director's consent, an insurer shall not have invested at any one time more than twenty per cent of its assets in the classes of securities described in any one of the following sections of this article:
1. 1. Section 20-546, exclusive of common stocks of public utilities and common stocks acquired under section 20-481.01.
2. 2. Section 20-557.
3. 3. Section 20-552.
C. Except with the director's consent, an insurer shall not have invested at any one time more than ten per cent of its assets in the classes of securities described in any one of the following sections of this article:
1. 1. Section 20-548.
2. 2. Section 20-547.
3. 3. Section 20-543.
4. 4. Section 20-555.