33-1-201. Definitions -- insurance in general. For the purposes of this code, the following definitions apply unless the context requires otherwise:
(1) "Alien insurer" is an insurer formed under the laws of any country other than the United States or its states, districts, territories, and commonwealths.
(2) "Authorized insurer" is an insurer duly authorized by a certificate of authority issued by the commissioner to transact insurance in this state.
(3) "Domestic insurer" is an insurer incorporated under the laws of this state.
(4) "Foreign insurer" is an insurer formed under the laws of any jurisdiction other than this state. Except when distinguished by context, the term includes an alien insurer.
(5) (a) "Insurance" is a contract through which one undertakes to indemnify another or pay or provide a specified or determinable amount or benefit upon determinable contingencies.
(b) The term does not include:
(i) contracts for the installation, maintenance, and provision of inside telecommunications wiring to residential or business premises;
(ii) direct patient care agreements established pursuant to 50-4-107; or
(iii) an arrangement with a health care sharing ministry that meets the requirements of 50-4-111.
(6) (a) "Insurer" includes every person engaged as indemnitor, surety, or contractor in the business of entering into contracts of insurance. The term also includes a health service corporation in the provisions listed in 33-30-102.
(b) The term does not include a health care sharing ministry that meets the requirements of 50-4-111.
(7) "Resident domestic insurer" is an insurer incorporated under the laws of this state and:
(a) if a mutual company, not less than one-half of the policyholders are individuals who are residents of this state; or
(b) if a stock insurer, not less than one-half of the shares are owned by individuals who are residents of this state and all of the directors and officers of the insurer are residents of this state.
(8) "State", when used in relation to jurisdiction, means a state, the District of Columbia, or a territory, commonwealth, or possession of the United States.
(9) "Transact", with respect to insurance, means to:
(a) solicit;
(b) negotiate;
(c) sell or effectuate a contract of insurance; or
(d) transact matters subsequent to effectuation of the contract of insurance and arising out of it.
(10) "Unauthorized insurer" is an insurer not authorized by a certificate of authority issued by the commissioner to transact insurance in this state.
History: En. Secs. 2, 3, 6, 7, 8, Ch. 286, L. 1959; R.C.M. 1947, 40-2602, 40-2603, 40-2606, 40-2607, 40-2608; amd. Sec. 1, Ch. 198, L. 1979; amd. Sec. 4, Ch. 664, L. 1979; amd. Sec. 1, Ch. 202, L. 1983; amd. Sec. 2, Ch. 558, L. 1987; amd. Sec. 1, Ch. 341, L. 1989; amd. Sec. 1, Ch. 399, L. 2007; amd. Sec. 7, Ch. 262, L. 2021; amd. Sec. 3, Ch. 422, L. 2021.