§ 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:

(1)(a) exists for the purpose of aiding and strengthening the following by providing them with annuities:
(1)(a)(i) nonprofit entities;
(1)(a)(ii) employees of nonprofit entities;
(1)(a)(iii) governmental entities; and
(1)(a)(iv) employees of governmental entities;
(1)(b) issues only annuities and no other insurance product; and
(1)(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:

(2)(a) nonprofit entities;
(2)(b) employees of nonprofit entities;
(2)(c) governmental entities; and
(2)(d) employees of governmental entities.

Legislative History

Amended by Chapter 230, 2003 General Session