31A-10-201. Definition.

137 words·~1 min read·/ut/title-31a/chapter-10/31a-10-201·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As used in this part:

(1)"Nontraditional insurer" means an insurer incorporated under Chapter 5, Domestic Stock and Mutual Insurance Corporations , or admitted under Chapter 14, Foreign Insurers , that:

(a)exists for the purpose of aiding and strengthening the following by providing them with annuities:

(i)nonprofit entities;

(ii)employees of nonprofit entities;

(iii)governmental entities; and

(iv)employees of governmental entities;

(b)issues only annuities and no other insurance product; and

(c)does not pay any benefit based on a guarantee as to principal, interest rate, return on investment, mortality, and morbidity.

(2)"Nontraditional insurer" does not include an insurer that provides annuities to persons other than:

(a)nonprofit entities;

(b)employees of nonprofit entities;

(c)governmental entities; and

(d)employees of governmental entities.

Amended by Chapter 230 , 2003 General Session