Section 58-48-1 - DefinitionsTerms used in this chapter mean:
(1) "Applicant," a person applying for an insurance innovation waiver;(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;(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;(4) "Innovative insurance product or service," an insurance product or service that includes an innovation;(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;(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;(7) "Participant," an applicant whose application for a waiver is granted in accordance with this chapter; and(8) "Test," to provide an innovative insurance product or service in accordance with a granted waiver.Added by S.L. 2021, ch. 214,s. 1, eff. 7/1/2021.