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 […]
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 58-47-13 – Notice and correspondence requirements.
58-47-13. Notice and correspondence requirements. If any notice or correspondence with respect to a policy of portable electronics insurance is required, the notice or correspondence shall be in writing and mailed within any notice period specified within the statute or regulation requiring the notice or correspondence. Notwithstanding any other law, any notice or correspondence may […]
Section 58-47-14 – Term of portable electronics license–Renewal.
58-47-14. Term of portable electronics license–Renewal. A portable electronics license issued under this chapter is valid for one year unless suspended or revoked by the division. A license may be renewed upon expiration for another one-year period upon application of the vendor and payment of the fees as set forth in §58-2-29. Source: SL 2012, […]
Section 58-47-15 – Penalties for violation of chapter.
58-47-15. Penalties for violation of chapter. If a vendor of portable electronics or its employee or authorized representative violates any provision of this chapter, the director may do any of the following: (1)After notice and hearing, impose penalties permitted under this section that the director deems necessary and reasonable to carry out the purpose of […]
Section 58-47-16 – Application for license.
58-47-16. Application for license. An application for a license under this chapter shall be made to and filed with the director on forms prescribed and furnished by the director. The application shall provide: (1)The name, residence address, and other information required by the director for an employee or officer of the vendor that is designated […]
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 […]