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
Download Code Section Zipped WordPerfect 31A10_020100.ZIP 2,078 Bytes

Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page

Last revised: Thursday, May 28, 2009