Utah Code 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:

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Insurance: includes :
          (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
          (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
          (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301

(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.