Consumer protection for insurance regulatory sandbox.
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(1) Before providing an innovative insurance product or service to a consumer, an insurance sandbox participant shall disclose the following to the consumer:
(a) the name and contact information of the insurance sandbox participant;
(b) that the innovative insurance product or service is authorized pursuant to the insurance regulatory sandbox and, if applicable, that the insurance sandbox 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 the insurance regulatory sandbox;
(c) that the innovative insurance product or service is undergoing testing and may not function as intended and may expose the customer to financial risk;
(d) that the provider of the innovative insurance product or service is not immune from civil liability for any losses or damages caused by the innovative insurance product or service;
(e) that the state does not endorse or recommend the innovative insurance product or service;
(f) that the innovative insurance product or service is a temporary test that may be discontinued at the end of the testing period;
(g) the expected end date of the testing period; and
(h) that a consumer may contact the department to file a complaint regarding the innovative insurance product or service being tested and provide the department's telephone number and website address where a complaint may be filed.
(2) The disclosures required by Subsection (1) shall be provided to a consumer in a clear and conspicuous form and, for an Internet or application-based innovative insurance product or service, a consumer shall acknowledge receipt of the disclosure before a transaction may be completed.
(3) The department may require that an insurance sandbox participant make additional disclosures to a consumer.