33-1-201. Definitions -- insurance in general. For the purposes of this code, the following definitions apply unless the context requires otherwise:
     (1) An "alien insurer" is one formed under the laws of any country other than the United States, its states, districts, territories, and commonwealths.
     (2) An "authorized insurer" is one duly authorized by subsisting certificate of authority issued by the commissioner to transact insurance in this state.
     (3) A "domestic insurer" is one incorporated under the laws of this state.
     (4) A "foreign insurer" is one formed under the laws of any jurisdiction other than this state. Except where distinguished by context, foreign insurer includes also an alien insurer.
     (5) (a) "Insurance" is a contract whereby one undertakes to indemnify another or pay or provide a specified or determinable amount or benefit upon determinable contingencies.
     (b) Insurance does not include contracts for the installation, maintenance, and provision of inside telecommunications wiring to residential or business premises.
     (6) "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.
     (7) A "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 natural persons who are residents of this state; or
     (b) if a stock insurer, not less than one-half of the shares are owned by natural persons 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 relating 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, includes any of the following:
     (a) solicitation and inducement;
     (b) preliminary negotiations;
     (c) effectuation of a contract of insurance;
     (d) transaction of matters subsequent to effectuation of the contract of insurance and arising out of it.
     (10) An "unauthorized insurer" is one not authorized by subsisting 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.