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(1) An insurance sandbox participant shall retain records, documents, and data produced in the ordinary course of business regarding an innovative insurance product or service tested in the insurance regulatory sandbox.
(2) If an innovative insurance product or service fails before the end of a testing period, the insurance sandbox participant shall notify the department and report on actions taken by the insurance sandbox participant to ensure consumers have not been harmed as a result of the failure.
(3) The department shall establish quarterly reporting requirements for an insurance sandbox participant, including information about any customer complaints.
(4) The department may request records, documents, and data from an insurance sandbox participant and, upon the department's request, an insurance sandbox participant shall make such records, documents, and data available for inspection by the department.
(5) If the department determines that an insurance sandbox participant has engaged in, is engaging in, or is about to engage in any practice or transaction that is in violation of this chapter or that constitutes a violation of a state or federal criminal law, the department may remove an insurance sandbox participant from the insurance regulatory sandbox.
(6) By October 1, the department shall provide an annual written report to the Business and Labor Interim Committee that provides information regarding each insurance sandbox participant and that provides recommendations regarding the effectiveness of the Insurance Regulatory Sandbox Program.