§ 58-48-10 — Consumer disclosures--Digital disclosure receipts.

Disclosures must be provided to consumers by a participant before providing an innovative insurance product or service in clear and conspicuous form disclosing the following: (1) The name and contact information of the participant; (2) That the innovative insurance product or service is authorized pursuant to a waiver; (3) That the participant does not have a license or other authorization to provide an insurance product or service under state laws that regulate insurance products or services outside a waiver, if applicable; (4) That the innovative insurance product or service may not function as intended and may expose the consumer to financial risk; (5) That the participant is not immune from civil liability for any losses or damages caused by the innovative insurance product or service; (6) That the innovative insurance product or service is not covered by any guaranty association if the participant becomes unable to pay claims; (7) That the state does not endorse or recommend the innovative insurance product or service; (8) That the innovative insurance product or service is a temporary test that may be discontinued at the termination of the testing period; (9) The expected termination date of the testing period; and (10) That a consumer may contact the division to file a complaint regarding the innovative insurance product or service being tested and provide the division's telephone number and website address where a complaint may be filed. The director may require additional disclosures for the protection of consumers. A digital receipt from a consumer acknowledging the disclosures is required if the disclosures are delivered through an internet or application-based platform.

Legislative History

SL 2021, ch 214, § 10.