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H.B. 146 Enrolled
This act modifies the Insurance Code to replace the definition for a nonprofit educational
insurer with a definition for a nontraditional insurer, and to continue the exemption of
nonprofit educational insurers from certain provisions of the Insurance Code to
This act affects sections of Utah Code Annotated 1953 as follows:
31A-10-201, as enacted by Chapter 204, Laws of Utah 1986
31A-10-202, as enacted by Chapter 204, Laws of Utah 1986
31A-10-203, as last amended by Chapter 245, Laws of Utah 1994
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 31A-10-201 is amended to read:
As used in this part[
(1) "Nontraditional insurer" means [
5, Domestic Stock and Mutual Insurance Corporations, or admitted under Chapter 14 [
Foreign Insurers, that:
(a) exists for the purpose of aiding and strengthening [
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
(a) nonprofit entities;
(b) employees of nonprofit entities;
(c) governmental entities; and
(d) employees of governmental entities.
Section 2. Section 31A-10-202 is amended to read:
31A-10-202. Purposes of part.
The purposes of this part are:
(1) to provide for the continued operation in this state, subject to the provisions of this
title, of [
this state and their employees; and
(2) to specify provisions which equitably deal with the operational, structural, and
functional differences between [
without compromising the interests of policyholders.
Section 3. Section 31A-10-203 is amended to read:
31A-10-203. Applicability of other provisions.
(1) Except as provided in this section, domestic [
insurers are subject to the same provisions applicable to other domestic insurers, and
applicable to other nondomestic insurers.
insurers are not subject to:
(a) Section 31A-5-211 ;
(b) Section 31A-5-217 ;
(c) Subsection 31A-14-205 (1)(a);
(d) Chapter 17, Determination of Financial Condition;
(e) Chapter 18, Investments;
(f) Section 31A-20-106 ;
(g) Chapter 21, Insurance Contracts in General, if:
(i) their contract forms have been approved by the appropriate regulatory authorities in
their state of domicile; and
(ii) these contract forms are standard forms generally issued by those [
(h) Chapter 22[
(i) Chapter 28, Guaranty Associations.
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