58-48-14. Termination for failure--Termination by director.

If an innovative insurance product or service fails before the termination of a testing period as provided in an applicable waiver, the participant shall immediately notify the director and report on actions taken by the participant to ensure consumers have not been harmed as a result of the failure.

The director may terminate an insurance innovation waiver for cause and with reasonable notice to the participant. Nothing in this chapter restricts the director's application of chapters 58-4 and 58-29B as regards participants.

Source: SL 2021, ch 214, ยง 14.