31A-10-201 - Definition. - Utah Statutes

31A-10-201. Definition.
As used in this part:
(1) "Nontraditional insurer" means an insurer incorporated under Chapter 5, DomesticStock 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 themwith 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 oninvestment, mortality, and morbidity.
(2) "Nontraditional insurer" does not include an insurer that provides annuities to personsother 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