§ 58-48-1 — Definitions.

Terms used in this chapter mean: (1) "Applicant," a person applying for an insurance innovation waiver; (2) "Consumer," a person that purchases or otherwise enters into a transaction or agreement to receive an innovative insurance product or service that is being tested by a participant; (3) "Innovation," the use or incorporation of a new or emerging technology or a new use of existing technology, including blockchain technology, to address a problem, provide a benefit, or otherwise offer a product, service, business model, or delivery mechanism that is not known by the division to have a comparable widespread offering in the state; (4) "Innovative insurance product or service," an insurance product or service that includes an innovation; (5) "Insurance product or service," an insurance product or insurance service that requires state licensure, registration, or other authorization under this title, including an insurance product or insurance service that includes a business model, delivery mechanism, or element that requires a license, registration, or other authorization to do insurance business, act as an insurance producer, or otherwise requires division approval; (6) "Insurance innovation waiver" or "waiver," a document issued pursuant to this chapter that allows a person to temporarily test an innovative insurance product or service on a limited basis without otherwise being licensed or authorized to act under the laws of the state or in full compliance with the provisions of this title; (7) "Participant," an applicant whose application for a waiver is granted in accordance with this chapter; and (8) "Test," to provide an innovative insurance product or service in accordance with a granted waiver.

Legislative History

SL 2021, ch 214, § 1.