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.

Source: SL 2021, ch 214, § 10.