For the purposes of this article, unless the context otherwise indicates:
“Applicant” means a person or entity that has filed an application under 33-60-2 of this code.
“Beta test” means the phase of testing of an insurance innovation in the regulatory sandbox through the use, sale, license, or availability of the insurance innovation by or to clients or consumers under the supervision of the commissioner.
“Client” means a person, other than a consumer, utilizing a participants insurance innovation during a beta test to carry on some activity regulated by the commissioner.
“Commissioner” means the West Virginia Insurance Commissioner or the West Virginia Offices of the Insurance Commissioner, as appropriate.
“Extended no-action letter” means a public notice setting forth the conditions for an extended safe harbor beyond the beta test under which the commissioner will not take any administrative or regulatory action against any person using the insurance innovation described in the extended no-action letter.
“Innovation” means any product, process, method, or procedure relating to the sale, solicitation, negotiation, fulfilment, administration, or use of any product or service regulated by the commissioner:
(A) That has not been used, sold, licensed, or otherwise made available in this state before the filing date of the application, whether or not the product or service is marketed or sold directly to consumers; and