§ 31A-10-201. Definition.

     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