Download Zipped Amended WP 9 HB0148.ZIP 7,099 Bytes
[Introduced][Status][Bill Documents][Fiscal Note][Bills Directory]
5 This act modifies the Insurance Code to address the applicability of the Insurance Code to
6 nonprofit insurers. This act makes technical changes.
7 This act affects sections of Utah Code Annotated 1953 as follows:
9 31A-10-201, as enacted by Chapter 204, Laws of Utah 1986
10 31A-10-203, as last amended by Chapter 245, Laws of Utah 1994
12 31A-10-202, as enacted by Chapter 204, Laws of Utah 1986
13 Be it enacted by the Legislature of the state of Utah:
14 Section 1. Section 31A-10-201 is amended to read:
15 31A-10-201. Definition.
16 As used in this part[
17 (1) (a) "Nonprofit educational insurer" means a nonprofit insurer that:
18 (i) (A) is incorporated under Chapter 5, Domestic Stock and Mutual Insurance
19 Corporations; or
20 (B) is admitted under Chapter 14 [
21 (ii) exists for the purpose of aiding and strengthening nonprofit educational and research
22 institutions by providing them and their employees with annuities and insurance.
23 (b) An insurer is not a nonprofit educational insurer if [
24 or insurance to persons other than:
25 (i) a nonprofit educational and research [
26 (ii) an employee of a nonprofit educational and research institution.
27 (2) (a) "Nonprofit entity insurer" means a nonprofit insurer that:
28 (i) (A) is incorporated under Chapter 5, Domestic Stock and Mutual Insurance
29 Corporations; or
30 (B) is admitted under Chapter 14, Foreign Insurers;
31 (ii) issues annuity contracts only to:
32 (A) (I) a governmental entity; or
33 (II) a nonprofit organization; or
34 (B) an employee of a:
35 (I) governmental entity; or
36 (II) nonprofit organization; and
37 (iii) does not issue any contract that h [
37a as to:
38 (A) principal;
39 (B) interest rate;
40 (C) return on investment;
41 (D) mortality; or
42 (E) morbidity.
43 (b) A nonprofit entity insurer includes a nonprofit educational insurer if the nonprofit
44 educational insurer does not issue any contract described in Subsection (2)(a)(iii).
45 Section 2. Section 31A-10-203 is amended to read:
46 31A-10-203. Applicability of other provisions.
47 (1) Except as provided in this section[
48 (a) a domestic nonprofit h EDUCATIONAL OR h [
48a subject to the same
49 provisions applicable to other domestic insurers[
50 (b) a nondomestic nonprofit h EDUCATIONAL OR h [
50a is subject to the same
51 provisions applicable to other nondomestic insurers.
52 (2) Chapter 28, Guaranty Associations, does not apply to [
54 (a) annuity business [
55 (b) annuitants [
58 (3) A nonprofit entity insurer is not subject to:
59 (a) Section 31A-5-211 ;
60 (b) Section 31A-5-217 ;
61 (c) Subsection 31A-14-205 (1)(a);
62 (d) Chapter 17, Determination of Financial Condition;
63 (e) Chapter 18, Investments;
64 (f) Section 31A-20-106 ;
65 (g) Chapter 21, Insurance Contracts in General, if:
66 (i) [
67 appropriate regulatory authorities in [
68 (ii) [
69 generally issued by those nonprofit educational insurers in the United States; [
70 (h) Chapter 22[
71 (i) Chapter 28, Guaranty Associations.
72 Section 3. Repealer.
73 This act repeals:
74 Section 31A-10-202, Purposes of part.
Legislative Review Note
as of 1-14-02 12:50 PM
A limited legal review of this legislation raises no obvious constitutional or statutory concerns.