South Dakota § 58-48-1 Definitions.

South Dakota Statutes

§ 58-48-1 — Definitions.

South Dakota § 58-48-1

Title 58INSURANCE

Ch. 58-47PORTABLE ELECTRONICS INSURANCE

This text of South Dakota § 58-48-1 (Definitions.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 58-48-1 (2026).

Text

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,"

Free access — add to your briefcase to read the full text and ask questions with AI

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.