Section 58-48-7 – Grant or denial of waiver–Duration of waiver–Waiver deemed authority to act.
58-48-7. Grant or denial of waiver–Duration of waiver–Waiver deemed authority to act. The director shall grant or deny a waiver within ninety days after the director determines the applicant’s waiver application to be complete. The director and the applicant may mutually agree to extend the ninety-day period. The director may deny a waiver application at […]
Section 58-48-8 – Conditions on innovation waiver.
58-48-8. Conditions on innovation waiver. An insurance innovation waiver shall be issued by the director in writing that limits the number of consumers in this state that may purchase or utilize the underlying insurance product or service to no more than twenty thousand consumers and specifies any terms, conditions, and limitations that the director considers […]
Section 58-48-9 – Waiver participants–Deposit or bond.
58-48-9. Waiver participants–Deposit or bond. A participant may be required to make a deposit of cash or marketable securities in the manner provided under chapter 58-7 and in amounts, conditions, and for such purposes as the director determines necessary for the protection of consumers. The deposit required by this section may be refunded when the […]
Section 58-48-10 – Consumer disclosures–Digital disclosure receipts.
58-48-10. Consumer disclosures–Digital disclosure receipts. Disclosures must be provided to consumers by a participant before providing an innovative insurance product or service in clear and conspicuous form disclosing the following: (1)The name and contact information of the participant; (2)That the innovative insurance product or service is authorized pursuant to a waiver; (3)That the participant does […]
Section 58-48-11 – Public notice of granted waiver.
58-48-11. Public notice of granted waiver. If an insurance innovation waiver is granted, the director shall provide public notice of the existence of the waiver by publishing a description of the following information on the division’s website: (1)The name of the person who applied for and received the waiver; (2)The approval date and termination date […]
Section 58-48-12 – Record keeping by participants.
58-48-12. Record keeping by participants. The director shall establish reporting requirements for each participant, including information about consumer complaints. A participant shall retain records, documents, and data produced in the course of business regarding an innovative insurance product or service subject to a waiver for a period of five years after the waiver has terminated. […]
Section 58-48-13 – Termination of waivers.
58-48-13. Termination of waivers. If a participant tests an innovative insurance product or service requiring ongoing duties after the termination date of a waiver, the participant shall continue to fulfill those duties or arrange for another person to fulfill those duties after the date the waiver terminates. At the termination of the testing period provided […]
Section 58-48-14 – Termination for failure–Termination by director.
58-48-14. Termination for failure–Termination by director. If an innovative insurance product or service fails before the termination of a testing period as provided in an applicable waiver, the participant shall immediately notify the director and report on actions taken by the participant to ensure consumers have not been harmed as a result of the failure. […]
Section 58-48-15 – No guaranty association coverage for waivers.
58-48-15. No guaranty association coverage for waivers. A participant under this chapter is not a member insurer of any guaranty association created under title 58 unless the participant is or becomes a licensed insurer in this state pursuant to title 58 and otherwise qualifies as a member insurer under the applicable guaranty association statutes. Source: […]
Section 58-48-16 – Confidentiality of waiver application and materials.
58-48-16. Confidentiality of waiver application and materials. Documents, materials, or other information in the possession of the division that are obtained by or disclosed to the director or any other person in the course of an insurance innovation waiver under this chapter are confidential by law and privileged; are not subject to open records, freedom […]