As used in this part:

1. (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. (i) nonprofit entities;
      2. (ii) employees of nonprofit entities;
      3. (iii) governmental entities; and
      4. (iv) employees of governmental entities;
   2. (b) issues only annuities and no other insurance product; and
   3. (c) does not pay any benefit based on a guarantee as to principal, interest rate, return on investment, mortality, and morbidity.

2. (2) "Nontraditional insurer" does not include an insurer that provides annuities to persons other than:

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

Amended by Chapter 230, 2003 General Session