Ariz. Rev. Stat. § 20-454
Notwithstanding the provisions of section 20-452 and notwithstanding any other provision of law, domestic life insurers, whether of the stock, mutual, fraternal or limited capital stock type that on January 1, 1955 are engaged pursuant to the requirements of title 44, chapter 12 in a program whereby the holders of their life insurance policies are offered the right from time to time to buy for cash or to exchange dividends on such policies or other policy values resulting therefrom for securities in domestic corporations neither engaged in nor organized to engage in the insurance business shall be permitted, subject to the requirements of title 44, chapter 12, to continue to engage in such program notwithstanding the adoption of this title, but no such insurer shall so engage unless the right to buy or the dividends or other policy values subject to exchange result from ownership of or are payable on account of a policy that from its inception is or that, within a period of not to exceed six years from its issue date, becomes a life insurance policy on a permanent plan other than term. From and after being placed on such permanent plan, every such policy shall be in full compliance with sections 20-1231 and 20-1231.01 (standard nonforfeiture law), computed as from the date of being placed on such permanent plan. No such program shall be engaged in by the insurer subsequent to January 1, 1960, except that any such insurer may, subject to title 44, chapter 12, cause to be delivered stock in such corporation for an indefinite period subsequent to such limiting date if the right to acquire the stock arises as a result of a policy actually issued and delivered prior to such date.
A.R.S. § 20-454