58-48-2. Grounds for innovation waiver.

Subject to §§ 58-48-3 to 58-48-5, inclusive, the director may grant an insurance innovation waiver with respect to requirements imposed by any insurance law, regulation, or bulletin to enable a person to obtain limited access to the insurance market in this state to test an innovative insurance product or service without obtaining a license or other authorization that might otherwise be required or without coming into full compliance with any insurance law, regulation, or bulletin. To receive a waiver, an applicant shall demonstrate to the director's satisfaction that:

(1)    The application of the law, regulation, or bulletin would inhibit the introduction of an innovative or more efficient insurance product or service that the applicant intends to test during the period for which the proposed waiver is granted;

(2)    The public policy goals of the law, regulation, or bulletin will be or have been achieved by other means;

(3)    The waiver will not unreasonably increase risk to consumers or create unreasonable unfair competition in the insurance market; and

(4)    The waiver is in the public interest.

Source: SL 2021, ch 214, § 2.