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(1) Not later than 30 days before the end of the 12-month regulatory insurance sandbox testing period, an insurance sandbox participant may request an extension of the insurance regulatory sandbox testing period for the purpose of obtaining a license or other authorization required by law.
(2) The department shall grant or deny a request for an extension in accordance with Subsection (1) by the end of the 12-month insurance regulatory sandbox testing period.
(3) The department may grant an extension in accordance with this section for not more than six months after the end of the insurance regulatory sandbox testing period.
(4) An insurance sandbox participant that obtains an extension in accordance with this section shall provide the department with a written report every three months that provides an update on efforts to obtain a license or other authorization required by law, including any submitted applications for licensure or other authorization, rejected applications, or issued licenses or other authorization.