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Insurance Code | |
Annuities | |
Section 201 | Definition. |
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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 |
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