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 not have a license or other authorization to provide an insurance product or service under state laws that regulate insurance products or services outside a waiver, if applicable;
(4)That the innovative insurance product or service may not function as intended and may expose the consumer to financial risk;
(5)That the participant is not immune from civil liability for any losses or damages caused by the innovative insurance product or service;
(6)That the innovative insurance product or service is not covered by any guaranty association if the participant becomes unable to pay claims;
(7)That the state does not endorse or recommend the innovative insurance product or service;
(8)That the innovative insurance product or service is a temporary test that may be discontinued at the termination of the testing period;
(9)The expected termination date of the testing period; and
(10)That a consumer may contact the division to file a complaint regarding the innovative insurance product or service being tested and provide the division's telephone number and website address where a complaint may be filed.
The director may require additional disclosures for the protection of consumers. A digital receipt from a consumer acknowledging the disclosures is required if the disclosures are delivered through an internet or application-based platform.
Source: SL 2021, ch 214, § 10.