<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083771Normal { text-align: center; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083771HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083771DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083771Normal-000000 { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083771000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083771B { margin-left: 1.38in; text-indent: -1.38in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48 - INSURANCE INNOVATION WAIVERS"><meta property="og:description" content="SDLRC Codified Law 58-48 - INSURANCE INNOVATION WAIVERS"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083771Normal"><span xml:space="preserve" class="s2083771HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48</span></a></p><p dir="ltr" class="s2083771Normal"><span class="s2083771DefaultParagraphFont">INSURANCE INNOVATION WAIVERS</span></p><p dir="ltr" class="s2083771Normal-000000"><span xml:space="preserve" class="s2083771000001"> </span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-1" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-1</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Definitions.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-2" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-2</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Grounds for innovation waiver.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-3" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-3</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Waiver not to restrict policyholder recovery or restrict director's authority.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-4" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-4</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Limited scope of waiver.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-5" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-5</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Application for waiver--Persons excluded from waiver application.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-6" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-6</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Application review--Additional information required.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-7" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-7</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Grant or denial of waiver--Duration of waiver--Waiver deemed authority to act.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-8" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-8</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Conditions on innovation waiver.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-9" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-9</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Waiver participants--Deposit or bond.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-10" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-10</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Consumer disclosures--Digital disclosure receipts.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-11" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-11</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Public notice of granted waiver.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-12" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-12</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Record keeping by participants.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-13" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-13</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Termination of waivers.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-14" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-14</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Termination for failure--Termination by director.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-15" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-15</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    No guaranty association coverage for waivers.</span></p><p dir="ltr" class="s2083771B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-16" rel="noopener"><span class="s2083771DefaultParagraphFont">58-48-16</span></a><span xml:space="preserve" class="s2083771DefaultParagraphFont">    Confidentiality of waiver application and materials.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083056Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083056SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083056CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083056Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083056DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083056StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083056000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083056NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083056DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083056SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-1 - Definitions."><meta property="og:description" content="SDLRC Codified Law 58-48-1 - Definitions."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-1"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083056Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-1" rel="noopener"><span class="s2083056SENU">58-48-1</span></a><span xml:space="preserve" class="s2083056SENU">. </span><span xml:space="preserve" class="s2083056CL">Definitions. </span></p><p dir="ltr" class="s2083056Statute"><span class="s2083056DefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="s2083056StatuteNumber1"><span class="s2083056DefaultParagraphFont">(1)    "Applicant," a person applying for an insurance innovation waiver;</span></p><p dir="ltr" class="s2083056StatuteNumber1"><span class="s2083056DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2083056StatuteNumber1"><span class="s2083056DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2083056StatuteNumber1"><span class="s2083056DefaultParagraphFont">(4)    "Innovative insurance product or service," an insurance product or service that includes an innovation;</span></p><p dir="ltr" class="s2083056StatuteNumber1"><span class="s2083056DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2083056StatuteNumber1"><span class="s2083056DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2083056StatuteNumber1"><span class="s2083056DefaultParagraphFont">(7)    "Participant," an applicant whose application for a waiver is granted in accordance with this chapter; and</span></p><p dir="ltr" class="s2083056StatuteNumber1"><span class="s2083056DefaultParagraphFont">(8)    "Test," to provide an innovative insurance product or service in accordance with a granted waiver.</span></p><p dir="ltr" class="s2083056Normal"><span xml:space="preserve" class="s2083056000000"> </span></p><p dir="ltr" class="s2083056NoIndent"><span xml:space="preserve" class="s2083056DefaultParagraphFont-000001">Source: </span><span class="s2083056SCL">SL 2021, ch 214, § 1.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083057Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083057SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083057CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083057Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083057DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083057StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083057000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083057NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083057DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083057SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-2 - Grounds for innovation waiver."><meta property="og:description" content="SDLRC Codified Law 58-48-2 - Grounds for innovation waiver."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-2"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083057Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-2" rel="noopener"><span class="s2083057SENU">58-48-2</span></a><span xml:space="preserve" class="s2083057SENU">. </span><span xml:space="preserve" class="s2083057CL">Grounds for innovation waiver. </span></p><p dir="ltr" class="s2083057Statute"><span class="s2083057DefaultParagraphFont">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:</span></p><p dir="ltr" class="s2083057StatuteNumber1"><span class="s2083057DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2083057StatuteNumber1"><span class="s2083057DefaultParagraphFont">(2)    The public policy goals of the law, regulation, or bulletin will be or have been achieved by other means;</span></p><p dir="ltr" class="s2083057StatuteNumber1"><span class="s2083057DefaultParagraphFont">(3)    The waiver will not unreasonably increase risk to consumers or create unreasonable unfair competition in the insurance market; and</span></p><p dir="ltr" class="s2083057StatuteNumber1"><span class="s2083057DefaultParagraphFont">(4)    The waiver is in the public interest.</span></p><p dir="ltr" class="s2083057Normal"><span xml:space="preserve" class="s2083057000000"> </span></p><p dir="ltr" class="s2083057NoIndent"><span xml:space="preserve" class="s2083057DefaultParagraphFont-000001">Source: </span><span class="s2083057SCL">SL 2021, ch 214, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083058Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083058SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083058CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083058Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083058DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083058000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083058NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083058DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083058SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-3 - Waiver not to restrict policyholder recovery or restrict director's authority."><meta property="og:description" content="SDLRC Codified Law 58-48-3 - Waiver not to restrict policyholder recovery or restrict director's authority."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-3"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083058Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-3" rel="noopener"><span class="s2083058SENU">58-48-3</span></a><span xml:space="preserve" class="s2083058SENU">. </span><span xml:space="preserve" class="s2083058CL">Waiver not to restrict policyholder recovery or restrict director's authority. </span></p><p dir="ltr" class="s2083058Statute"><span class="s2083058DefaultParagraphFont">The authority granted to the director under this chapter may not be construed to allow the director to grant a waiver that would abridge the recovery rights of policyholders and may not be interpreted to limit or otherwise affect the authority of the director to exercise discretion to waive or enforce requirements as permitted under any other requirement of this title, any regulation, or any bulletin. The waiver may not be construed to waive any requirements except those which inhibit the introduction of the innovative insurance product or service as addressed in the innovation waiver document.</span></p><p dir="ltr" class="s2083058Normal"><span xml:space="preserve" class="s2083058000000"> </span></p><p dir="ltr" class="s2083058NoIndent"><span xml:space="preserve" class="s2083058DefaultParagraphFont-000001">Source: </span><span class="s2083058SCL">SL 2021, ch 214, § 3.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083059Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083059SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083059CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083059Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083059DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083059StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083059000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083059NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083059DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083059SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-4 - Limited scope of waiver."><meta property="og:description" content="SDLRC Codified Law 58-48-4 - Limited scope of waiver."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-4"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083059Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-4" rel="noopener"><span class="s2083059SENU">58-48-4</span></a><span xml:space="preserve" class="s2083059SENU">. </span><span xml:space="preserve" class="s2083059CL">Limited scope of waiver. </span></p><p dir="ltr" class="s2083059Statute"><span class="s2083059DefaultParagraphFont">The director may not grant a waiver with respect to:</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span class="s2083059DefaultParagraphFont">(1)    Any law, regulation, bulletin, or other provision not subject to the director's jurisdiction;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span class="s2083059DefaultParagraphFont">(2)    Any requirement as to the minimum amount of paid-in capital or surplus required to be possessed or maintained by any participant as determined by the director;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span xml:space="preserve" class="s2083059DefaultParagraphFont">(3)    Chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-12" rel="noopener"><span class="s2083059DefaultParagraphFont">58-12</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont"> concerning unfair claims practices;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span xml:space="preserve" class="s2083059DefaultParagraphFont">(4)    Chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15" rel="noopener"><span class="s2083059DefaultParagraphFont">58-15</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-16" rel="noopener"><span class="s2083059DefaultParagraphFont">58-16</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-28" rel="noopener"><span class="s2083059DefaultParagraphFont">58-28</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-33A" rel="noopener"><span class="s2083059DefaultParagraphFont">58-33A</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont"> concerning life insurance;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span xml:space="preserve" class="s2083059DefaultParagraphFont">(5)    Chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-17" rel="noopener"><span class="s2083059DefaultParagraphFont">58-17</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-18" rel="noopener"><span class="s2083059DefaultParagraphFont">58-18</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont">, and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-18" rel="noopener"><span class="s2083059DefaultParagraphFont">58-18</span></a><span class="s2083059DefaultParagraphFont">B concerning health insurance;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span xml:space="preserve" class="s2083059DefaultParagraphFont">(6)    Chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-17B" rel="noopener"><span class="s2083059DefaultParagraphFont">58-17B</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont"> concerning long-term care insurance;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span xml:space="preserve" class="s2083059DefaultParagraphFont">(7)    Chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-20" rel="noopener"><span class="s2083059DefaultParagraphFont">58-20</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont"> concerning workers' compensation insurance;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span xml:space="preserve" class="s2083059DefaultParagraphFont">(8)    Chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-25" rel="noopener"><span class="s2083059DefaultParagraphFont">58-25</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont"> concerning title insurance;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span xml:space="preserve" class="s2083059DefaultParagraphFont">(9)    Chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-30" rel="noopener"><span class="s2083059DefaultParagraphFont">58-30</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont"> concerning sales through licensed insurance producers;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span xml:space="preserve" class="s2083059DefaultParagraphFont">(10)    Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-33-1" rel="noopener"><span class="s2083059DefaultParagraphFont">58-33-1</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-33-47" rel="noopener"><span class="s2083059DefaultParagraphFont">58-33-47</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont">, inclusive, and §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-33-66" rel="noopener"><span class="s2083059DefaultParagraphFont">58-33-66</span></a><span xml:space="preserve" class="s2083059DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-33-69" rel="noopener"><span class="s2083059DefaultParagraphFont">58-33-69</span></a><span class="s2083059DefaultParagraphFont">, inclusive, concerning certain unfair trade practices;</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span class="s2083059DefaultParagraphFont">(11)    Any laws, regulations, or bulletins directly relating to subdivisions (3) to (10), inclusive, of this section; and</span></p><p dir="ltr" class="s2083059StatuteNumber1"><span class="s2083059DefaultParagraphFont">(12)    The application of any taxes or fees except as provided in subdivision 58-48-5(13).</span></p><p dir="ltr" class="s2083059Normal"><span xml:space="preserve" class="s2083059000000"> </span></p><p dir="ltr" class="s2083059NoIndent"><span xml:space="preserve" class="s2083059DefaultParagraphFont-000001">Source: </span><span class="s2083059SCL">SL 2021, ch 214, § 4.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083060Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083060SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083060CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083060Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083060DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083060StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083060000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083060NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083060DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083060SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-5 - Application for waiver--Persons excluded from waiver application."><meta property="og:description" content="SDLRC Codified Law 58-48-5 - Application for waiver--Persons excluded from waiver application."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-5"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083060Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-5" rel="noopener"><span class="s2083060SENU">58-48-5</span></a><span xml:space="preserve" class="s2083060SENU">. </span><span xml:space="preserve" class="s2083060CL">Application for waiver--Persons excluded from waiver application. </span></p><p dir="ltr" class="s2083060Statute"><span class="s2083060DefaultParagraphFont">An applicant shall submit an application in the form and manner prescribed by the director that:</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(1)    Identifies the person applying for the waiver;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(2)    Contains relevant personal and contact information for the applicant, including legal names, addresses, telephone numbers, e-mail addresses, website addresses, and other information required by the director;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(3)    Demonstrates the applicant is subject to the jurisdiction of the state;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(4)    Demonstrates the applicant has established a physical or virtual location that is adequately accessible to the division, from which testing will be developed and performed and where all required records, documents, and data will be maintained;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(5)    Discloses criminal convictions of the applicant and all participating personnel;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(6)    Demonstrates that the applicant has the necessary personnel, financial and technical expertise, access to capital, and developed plan to test, monitor, and assess the innovative insurance product or service;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(7)    Describes the innovative insurance product or service to be offered if the waiver is granted, including how the product or service functions, how the innovative insurance product or service is different from other insurance products or services available in the state, and the manner and terms on which it will be offered, including copies of any contracts to be tested;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(8)    Identifies state laws, regulations, licensing, and other requirements in title 58 that prohibit the introduction, sale, or offering of the innovative insurance product or service that the applicant is seeking to have waived for testing;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(9)    Explains the potential benefits to consumers of the innovative insurance product or service;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(10)    Explains the potential risks to consumers posed by the product or service and how the applicant proposes to mitigate such risks, including all proposed consumer disclosures;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(11)    Explains how participating in the insurance innovation waiver would enable a successful test of the innovative insurance product or service with narratives for proposed beginning operations, ongoing operations, and the proposed process regarding waiver termination, including plans to obtain necessary licensure or authorizations after the waiver is terminated;</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(12)    Explains how the applicant will terminate the waiver and protect consumers if the test fails, including providing evidence of sufficient liability coverage and financial reserves to protect consumers and to protect against insolvency of the applicant; and</span></p><p dir="ltr" class="s2083060StatuteNumber1"><span class="s2083060DefaultParagraphFont">(13)    Includes a nonrefundable application fee of two thousand dollars that may be reduced or eliminated by the director if the applicant holds a license issued by the division.</span></p><p dir="ltr" class="s2083060Statute"><span class="s2083060DefaultParagraphFont">The director may not grant a waiver to an applicant or any other person who has been convicted, entered a plea of nolo contendere, or entered a plea of guilty or nolo contendere held in abeyance, for a crime involving theft, fraud, or dishonesty that bears a substantial relationship to the applicant's or participant's ability to safely or competently administer an innovative insurance product or service.</span></p><p dir="ltr" class="s2083060Normal"><span xml:space="preserve" class="s2083060000000"> </span></p><p dir="ltr" class="s2083060NoIndent"><span xml:space="preserve" class="s2083060DefaultParagraphFont-000001">Source: </span><span class="s2083060SCL">SL 2021, ch 214, § 5.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083061Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083061SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083061CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083061Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083061DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083061000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083061NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083061DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083061SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-6 - Application review--Additional information required."><meta property="og:description" content="SDLRC Codified Law 58-48-6 - Application review--Additional information required."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-6"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083061Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-6" rel="noopener"><span class="s2083061SENU">58-48-6</span></a><span xml:space="preserve" class="s2083061SENU">. </span><span xml:space="preserve" class="s2083061CL">Application review--Additional information required. </span></p><p dir="ltr" class="s2083061Statute"><span xml:space="preserve" class="s2083061DefaultParagraphFont">In addition to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-5" rel="noopener"><span class="s2083061DefaultParagraphFont">58-48-5</span></a><span class="s2083061DefaultParagraphFont">, an applicant shall provide any additional information that the director determines is necessary, including proof of sufficient assets, accounts, liability coverage, surety bond coverage or other preparation by the applicant to ensure that consumers are protected, evidence that the applicant will be able to cover ongoing duties when the testing period terminates or terminates early, prior industry ratings, and past performance of the applicant. An applicant's failure to provide any information requested by the director forfeits the application for a waiver. The director may require the applicant to retain independent consultants to determine the accuracy of any information submitted by the applicant at the applicant's expense.</span></p><p dir="ltr" class="s2083061Normal"><span xml:space="preserve" class="s2083061000000"> </span></p><p dir="ltr" class="s2083061NoIndent"><span xml:space="preserve" class="s2083061DefaultParagraphFont-000001">Source: </span><span class="s2083061SCL">SL 2021, ch 214, § 6.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083062Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083062SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083062CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083062Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083062DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083062000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083062NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083062DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083062SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-7 - Grant or denial of waiver--Duration of waiver--Waiver deemed authority to act."><meta property="og:description" content="SDLRC Codified Law 58-48-7 - Grant or denial of waiver--Duration of waiver--Waiver deemed authority to act."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-7"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083062Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-7" rel="noopener"><span class="s2083062SENU">58-48-7</span></a><span xml:space="preserve" class="s2083062SENU">. </span><span xml:space="preserve" class="s2083062CL">Grant or denial of waiver--Duration of waiver--Waiver deemed authority to act. </span></p><p dir="ltr" class="s2083062Statute"><span xml:space="preserve" class="s2083062DefaultParagraphFont">The director shall grant or deny a waiver within ninety days after the director determines the applicant's waiver application to be complete. The director and the applicant may mutually agree to extend the ninety-day period. The director may deny a waiver application at the director's discretion based on the division's analysis of the application. The director's discretionary decision to grant or deny a waiver is not appealable and not subject to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=1-26" rel="noopener"><span class="s2083062DefaultParagraphFont">1-26</span></a><span xml:space="preserve" class="s2083062DefaultParagraphFont">. The director may grant a waiver for a period that may not exceed twenty-four months. A participant receiving a waiver has appropriate authority under the laws of this state to act for the purposes of any provision of federal law requiring state licensure or authorization and is not subject to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-8" rel="noopener"><span class="s2083062DefaultParagraphFont">58-8</span></a><span xml:space="preserve" class="s2083062DefaultParagraphFont"> for acts taken in compliance with a waiver.</span></p><p dir="ltr" class="s2083062Normal"><span xml:space="preserve" class="s2083062000000"> </span></p><p dir="ltr" class="s2083062NoIndent"><span xml:space="preserve" class="s2083062DefaultParagraphFont-000001">Source: </span><span class="s2083062SCL">SL 2021, ch 214, § 7.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083063Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083063SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083063CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083063Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083063DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083063StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083063000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083063NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083063DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083063SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-8 - Conditions on innovation waiver."><meta property="og:description" content="SDLRC Codified Law 58-48-8 - Conditions on innovation waiver."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-8"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083063Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-8" rel="noopener"><span class="s2083063SENU">58-48-8</span></a><span xml:space="preserve" class="s2083063SENU">. </span><span xml:space="preserve" class="s2083063CL">Conditions on innovation waiver. </span></p><p dir="ltr" class="s2083063Statute"><span class="s2083063DefaultParagraphFont">An insurance innovation waiver shall be issued by the director in writing that limits the number of consumers in this state that may purchase or utilize the underlying insurance product or service to no more than twenty thousand consumers and specifies any terms, conditions, and limitations that the director considers appropriate, including:</span></p><p dir="ltr" class="s2083063StatuteNumber1"><span class="s2083063DefaultParagraphFont">(1)    Limits on the amount of premium that may be written in relation to the innovative product or service;</span></p><p dir="ltr" class="s2083063StatuteNumber1"><span class="s2083063DefaultParagraphFont">(2)    Liability coverage requirements and minimum financial reserve requirements that the applicant must meet during the testing of the innovative insurance product or service; and</span></p><p dir="ltr" class="s2083063StatuteNumber1"><span class="s2083063DefaultParagraphFont">(3)    Regular or additional reporting on any aspect of the innovative insurance product or service during the test, including financial results and consumer information.</span></p><p dir="ltr" class="s2083063Statute"><span class="s2083063DefaultParagraphFont">Conditions issued under this section do not restrict a person who holds a license or authorization in another jurisdiction from acting in accordance with that license or authorization in that jurisdiction.</span></p><p dir="ltr" class="s2083063Normal"><span xml:space="preserve" class="s2083063000000"> </span></p><p dir="ltr" class="s2083063NoIndent"><span xml:space="preserve" class="s2083063DefaultParagraphFont-000001">Source: </span><span class="s2083063SCL">SL 2021, ch 214, § 8.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083064Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083064SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083064CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083064Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083064DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083064000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083064NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083064DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083064SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-9 - Waiver participants--Deposit or bond."><meta property="og:description" content="SDLRC Codified Law 58-48-9 - Waiver participants--Deposit or bond."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-9"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083064Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-9" rel="noopener"><span class="s2083064SENU">58-48-9</span></a><span xml:space="preserve" class="s2083064SENU">. </span><span xml:space="preserve" class="s2083064CL">Waiver participants--Deposit or bond. </span></p><p dir="ltr" class="s2083064Statute"><span xml:space="preserve" class="s2083064DefaultParagraphFont">A participant may be required to make a deposit of cash or marketable securities in the manner provided under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-7" rel="noopener"><span class="s2083064DefaultParagraphFont">58-7</span></a><span xml:space="preserve" class="s2083064DefaultParagraphFont"> and in amounts, conditions, and for such purposes as the director determines necessary for the protection of consumers. The deposit required by this section may be refunded when the waiver has expired or if the director is satisfied that consumer claims have been satisfied, whichever is later. In lieu of a deposit, the director may accept a bond in an amount and with such conditions as the director determines is necessary for the protection of consumers.</span></p><p dir="ltr" class="s2083064Normal"><span xml:space="preserve" class="s2083064000000"> </span></p><p dir="ltr" class="s2083064NoIndent"><span xml:space="preserve" class="s2083064DefaultParagraphFont-000001">Source: </span><span class="s2083064SCL">SL 2021, ch 214, § 9.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083065Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083065SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083065CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083065Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083065DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083065StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083065000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083065NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083065DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083065SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-10 - Consumer disclosures--Digital disclosure receipts."><meta property="og:description" content="SDLRC Codified Law 58-48-10 - Consumer disclosures--Digital disclosure receipts."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-10"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083065Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-10" rel="noopener"><span class="s2083065SENU">58-48-10</span></a><span xml:space="preserve" class="s2083065SENU">. </span><span xml:space="preserve" class="s2083065CL">Consumer disclosures--Digital disclosure receipts. </span></p><p dir="ltr" class="s2083065Statute"><span class="s2083065DefaultParagraphFont">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:</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(1)    The name and contact information of the participant;</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(2)    That the innovative insurance product or service is authorized pursuant to a waiver;</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(4)    That the innovative insurance product or service may not function as intended and may expose the consumer to financial risk;</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(5)    That the participant is not immune from civil liability for any losses or damages caused by the innovative insurance product or service;</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(6)    That the innovative insurance product or service is not covered by any guaranty association if the participant becomes unable to pay claims;</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(7)    That the state does not endorse or recommend the innovative insurance product or service;</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(8)    That the innovative insurance product or service is a temporary test that may be discontinued at the termination of the testing period;</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(9)    The expected termination date of the testing period; and</span></p><p dir="ltr" class="s2083065StatuteNumber1"><span class="s2083065DefaultParagraphFont">(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.</span></p><p dir="ltr" class="s2083065Statute"><span class="s2083065DefaultParagraphFont">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.</span></p><p dir="ltr" class="s2083065Normal"><span xml:space="preserve" class="s2083065000000"> </span></p><p dir="ltr" class="s2083065NoIndent"><span xml:space="preserve" class="s2083065DefaultParagraphFont-000001">Source: </span><span class="s2083065SCL">SL 2021, ch 214, § 10.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083066Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083066SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083066CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083066Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083066DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083066StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083066000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083066NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083066DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083066SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-11 - Public notice of granted waiver."><meta property="og:description" content="SDLRC Codified Law 58-48-11 - Public notice of granted waiver."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-11"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083066Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-11" rel="noopener"><span class="s2083066SENU">58-48-11</span></a><span xml:space="preserve" class="s2083066SENU">. </span><span xml:space="preserve" class="s2083066CL">Public notice of granted waiver. </span></p><p dir="ltr" class="s2083066Statute"><span class="s2083066DefaultParagraphFont">If an insurance innovation waiver is granted, the director shall provide public notice of the existence of the waiver by publishing a description of the following information on the division's website:</span></p><p dir="ltr" class="s2083066StatuteNumber1"><span class="s2083066DefaultParagraphFont">(1)    The name of the person who applied for and received the waiver;</span></p><p dir="ltr" class="s2083066StatuteNumber1"><span class="s2083066DefaultParagraphFont">(2)    The approval date and termination date of the waiver;</span></p><p dir="ltr" class="s2083066StatuteNumber1"><span class="s2083066DefaultParagraphFont">(3)    General terms, conditions, or limitations of the waiver; and</span></p><p dir="ltr" class="s2083066StatuteNumber1"><span class="s2083066DefaultParagraphFont">(4)    Any additional information considered appropriate by the director.</span></p><p dir="ltr" class="s2083066Normal"><span xml:space="preserve" class="s2083066000000"> </span></p><p dir="ltr" class="s2083066NoIndent"><span xml:space="preserve" class="s2083066DefaultParagraphFont-000001">Source: </span><span class="s2083066SCL">SL 2021, ch 214, § 11.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083067Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083067SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083067CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083067Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083067DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083067000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083067NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083067DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083067SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-12 - Record keeping by participants."><meta property="og:description" content="SDLRC Codified Law 58-48-12 - Record keeping by participants."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-12"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083067Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-12" rel="noopener"><span class="s2083067SENU">58-48-12</span></a><span xml:space="preserve" class="s2083067SENU">. </span><span xml:space="preserve" class="s2083067CL">Record keeping by participants. </span></p><p dir="ltr" class="s2083067Statute"><span class="s2083067DefaultParagraphFont">The director shall establish reporting requirements for each participant, including information about consumer complaints. A participant shall retain records, documents, and data produced in the course of business regarding an innovative insurance product or service subject to a waiver for a period of five years after the waiver has terminated.</span></p><p dir="ltr" class="s2083067Statute"><span xml:space="preserve" class="s2083067DefaultParagraphFont">A participant shall make its records, documents, and data available for inspection by the director immediately upon request. Nothing in this chapter limits the director's authority to examine applicants or participants in accordance with chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-3" rel="noopener"><span class="s2083067DefaultParagraphFont">58-3</span></a><span class="s2083067DefaultParagraphFont">.</span></p><p dir="ltr" class="s2083067Normal"><span xml:space="preserve" class="s2083067000000"> </span></p><p dir="ltr" class="s2083067NoIndent"><span xml:space="preserve" class="s2083067DefaultParagraphFont-000001">Source: </span><span class="s2083067SCL">SL 2021, ch 214, § 12.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083068Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083068SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083068CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083068Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083068DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083068000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083068NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083068DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083068SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-13 - Termination of waivers."><meta property="og:description" content="SDLRC Codified Law 58-48-13 - Termination of waivers."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-13"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083068Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-13" rel="noopener"><span class="s2083068SENU">58-48-13</span></a><span xml:space="preserve" class="s2083068SENU">. </span><span xml:space="preserve" class="s2083068CL">Termination of waivers. </span></p><p dir="ltr" class="s2083068Statute"><span class="s2083068DefaultParagraphFont">If a participant tests an innovative insurance product or service requiring ongoing duties after the termination date of a waiver, the participant shall continue to fulfill those duties or arrange for another person to fulfill those duties after the date the waiver terminates. At the termination of the testing period provided by a waiver, the participant shall immediately stop offering all innovative insurance products or services being tested. The participant shall submit a final report showing test results in a form and manner prescribed by the director within sixty days of waiver termination.</span></p><p dir="ltr" class="s2083068Normal"><span xml:space="preserve" class="s2083068000000"> </span></p><p dir="ltr" class="s2083068NoIndent"><span xml:space="preserve" class="s2083068DefaultParagraphFont-000001">Source: </span><span class="s2083068SCL">SL 2021, ch 214, § 13.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083069Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083069SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083069CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083069Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083069DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083069000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083069NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083069DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083069SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-14 - Termination for failure--Termination by director."><meta property="og:description" content="SDLRC Codified Law 58-48-14 - Termination for failure--Termination by director."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-14"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083069Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-14" rel="noopener"><span class="s2083069SENU">58-48-14</span></a><span xml:space="preserve" class="s2083069SENU">. </span><span xml:space="preserve" class="s2083069CL">Termination for failure--Termination by director. </span></p><p dir="ltr" class="s2083069Statute"><span class="s2083069DefaultParagraphFont">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.</span></p><p dir="ltr" class="s2083069Statute"><span xml:space="preserve" class="s2083069DefaultParagraphFont">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 </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-4" rel="noopener"><span class="s2083069DefaultParagraphFont">58-4</span></a><span xml:space="preserve" class="s2083069DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-29B" rel="noopener"><span class="s2083069DefaultParagraphFont">58-29B</span></a><span xml:space="preserve" class="s2083069DefaultParagraphFont"> as regards participants.</span></p><p dir="ltr" class="s2083069Normal"><span xml:space="preserve" class="s2083069000000"> </span></p><p dir="ltr" class="s2083069NoIndent"><span xml:space="preserve" class="s2083069DefaultParagraphFont-000001">Source: </span><span class="s2083069SCL">SL 2021, ch 214, § 14.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083070Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083070SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083070CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083070Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083070DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083070000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083070NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083070DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083070SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-15 - No guaranty association coverage for waivers."><meta property="og:description" content="SDLRC Codified Law 58-48-15 - No guaranty association coverage for waivers."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-15"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083070Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-15" rel="noopener"><span class="s2083070SENU">58-48-15</span></a><span xml:space="preserve" class="s2083070SENU">. </span><span xml:space="preserve" class="s2083070CL">No guaranty association coverage for waivers. </span></p><p dir="ltr" class="s2083070Statute"><span class="s2083070DefaultParagraphFont">A participant under this chapter is not a member insurer of any guaranty association created under title 58 unless the participant is or becomes a licensed insurer in this state pursuant to title 58 and otherwise qualifies as a member insurer under the applicable guaranty association statutes.</span></p><p dir="ltr" class="s2083070Normal"><span xml:space="preserve" class="s2083070000000"> </span></p><p dir="ltr" class="s2083070NoIndent"><span xml:space="preserve" class="s2083070DefaultParagraphFont-000001">Source: </span><span class="s2083070SCL">SL 2021, ch 214, § 15.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 58-48 - INSURANCE INNOVATION WAIVERS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083071Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083071SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083071CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083071Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083071DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083071000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083071NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2083071DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083071SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 58-48-16 - Confidentiality of waiver application and materials."><meta property="og:description" content="SDLRC Codified Law 58-48-16 - Confidentiality of waiver application and materials."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=58-48-16"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083071Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-16" rel="noopener"><span class="s2083071SENU">58-48-16</span></a><span xml:space="preserve" class="s2083071SENU">. </span><span xml:space="preserve" class="s2083071CL">Confidentiality of waiver application and materials. </span></p><p dir="ltr" class="s2083071Statute"><span class="s2083071DefaultParagraphFont">Documents, materials, or other information in the possession of the division that are obtained by or disclosed to the director or any other person in the course of an insurance innovation waiver under this chapter are confidential by law and privileged; are not subject to open records, freedom of information, sunshine, or other related laws; are not subject to subpoena; and are not subject to discovery or admissible in evidence in any private civil action.</span></p><p dir="ltr" class="s2083071Statute"><span class="s2083071DefaultParagraphFont">The director may use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the director's official duties. The director may not otherwise make the documents, materials, or other information public without the prior written consent of the person, applicant, or participant to which it pertains.</span></p><p dir="ltr" class="s2083071Statute"><span xml:space="preserve" class="s2083071DefaultParagraphFont">This section does not apply to information about granted waivers published by the director pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-48-11" rel="noopener"><span class="s2083071DefaultParagraphFont">58-48-11</span></a><span class="s2083071DefaultParagraphFont">. Nothing in this section may be construed to modify the ability of a consumer to discover information in pursuit of a claim against a participant.</span></p><p dir="ltr" class="s2083071Normal"><span xml:space="preserve" class="s2083071000000"> </span></p><p dir="ltr" class="s2083071NoIndent"><span xml:space="preserve" class="s2083071DefaultParagraphFont-000001">Source: </span><span class="s2083071SCL">SL 2021, ch 214, § 16.</span></p></div></body></html>