Section 58-48-6 – Application review–Additional information required.
58-48-6. Application review–Additional information required. In addition to § 58-48-5, an applicant shall provide any additional information that the director determines is necessary, including proof of sufficient assets, accounts, liability coverage, surety bond coverage or other preparation by the applicant to ensure that consumers are protected, evidence that the applicant will be able to cover […]
Section 58-48-1 – Definitions.
58-48-1. Definitions. Terms used in this chapter mean: (1)”Applicant,” a person applying for an insurance innovation waiver; (2)”Consumer,” a person that purchases or otherwise enters into a transaction or agreement to receive an innovative insurance product or service that is being tested by a participant; (3)”Innovation,” the use or incorporation of a new or emerging […]
Section 58-48-2 – Grounds for innovation waiver.
58-48-2. Grounds for innovation waiver. Subject to §§ 58-48-3 to 58-48-5, inclusive, the director may grant an insurance innovation waiver with respect to requirements imposed by any insurance law, regulation, or bulletin to enable a person to obtain limited access to the insurance market in this state to test an innovative insurance product or service […]
Section 58-48-3 – Waiver not to restrict policyholder recovery or restrict director’s authority.
58-48-3. Waiver not to restrict policyholder recovery or restrict director’s authority. The authority granted to the director under this chapter may not be construed to allow the director to grant a waiver that would abridge the recovery rights of policyholders and may not be interpreted to limit or otherwise affect the authority of the director […]
Section 58-48-4 – Limited scope of waiver.
58-48-4. Limited scope of waiver. The director may not grant a waiver with respect to: (1)Any law, regulation, bulletin, or other provision not subject to the director’s jurisdiction; (2)Any requirement as to the minimum amount of paid-in capital or surplus required to be possessed or maintained by any participant as determined by the director; (3)Chapter […]
Section 58-48-5 – Application for waiver–Persons excluded from waiver application.
58-48-5. Application for waiver–Persons excluded from waiver application. An applicant shall submit an application in the form and manner prescribed by the director that: (1)Identifies the person applying for the waiver; (2)Contains relevant personal and contact information for the applicant, including legal names, addresses, telephone numbers, e-mail addresses, website addresses, and other information required by […]