26-53-101. Definitions.

(a) As used in this chapter:

(i) "Third party administrator" means a person who directly or indirectly underwrites, collects charges, collateral or premiums from, or adjusts or settles claims on residents of this state, in connection with life, annuity, health, or stop-loss coverage offered or provided by an insurer, but does not include any of the following:

(A) An employer on behalf of its employees or the employees of one (1) or more subsidiary or affiliated corporations of such employer;

(B) A union on behalf of its members;

(C) A fully self-funded insurance plan meeting the definition of employee benefit plan as set forth in the Employee Retirement Income Security Act of 1974;

(D) An insurance company licensed in this state;

(E) A prepaid hospital or medical care plan;

(F) An insurance agent or broker licensed in this state when acting as an insurance agent or broker;

(G) A creditor on behalf of its debtors with respect to insurance covering a debt between the creditor and its debtors;

(H) A bank, credit union or other financial institution which is subject to supervision or examination by federal or state banking authorities when acting as a bank, credit union or other financial institution and not as an administrator;

(J) A credit card company which advances for and collects premiums or charges from its credit card holders who have authorized it to do so, provided such company does not adjust or settle claims;

(K) A person who adjusts or settles claims in the normal course of the person's practice or employment as an attorney at law or an adjuster licensed in this state and who does not collect charges or premiums in connection with insurance coverage or annuities.