Requirements for exiting insurance regulatory sandbox.
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(1) At least 30 days before the end of the 12-month insurance regulatory sandbox testing period, an insurance sandbox participant shall:
(a) notify the department that the insurance sandbox participant will exit the insurance regulatory sandbox, discontinue the insurance sandbox participant's test, and will stop offering any innovative insurance product or service in the insurance regulatory sandbox within 60 days after the day on which the 12-month testing period ends; or
(b) seek an extension in accordance with Section 31A-47-107.
(2) Subject to Subsection (3), if the department does not receive notification as required by Subsection (1), the insurance regulatory sandbox testing period ends at the end of the 12-month testing period and the insurance sandbox participant shall immediately stop offering each innovative insurance product or service being tested.
(3) If a test includes offering an innovative insurance product or service that requires ongoing duties, the insurance sandbox participant shall continue to fulfill those duties or arrange for another person to fulfill those duties after the date on which the insurance sandbox participant exits the insurance regulatory sandbox.