31A-22-1305. Persons authorized to issue annuities.
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/ut/title-31a/chapter-22/31a-22-1305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/7/2025
31A-22-1305. Persons authorized to issue annuities.
No person may issue an annuity to another person unless the issuer is:
(1)an insurer authorized to issue annuities under Chapter 5, Domestic Stock and Mutual Insurance Corporations , Chapter 9, Insurance Fraternals , or Chapter 14, Foreign Insurers ;
(2)a domestic corporation created under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , or other applicable law, or a foreign corporation conducted without profit, which is engaged solely in bona fide charitable, religious, missionary, educational, medical, or philanthropic activities; or
(3)a natural person who issues an annuity to the person's spouse, children, grandchildren, great-grandchildren, parents, grandparents, uncles, aunts, brothers, sisters, nieces, or nephews, whether those relationships are by birth, marriage, or legal adoption.
Amended by Chapter 302 , 2025 General Session