Title 58, INSURANCE

An employee or an authorized representative of a vendor may sell or offer portable electronics insurance to a customer and is not subject to licensure as an insurance producer if: (1) The vendor obtains a portable electronics license to authorize its employees or authorized repre…

The administration of the sale of portable electronics insurance includes the development of a training program for employees and authorized representatives of the vendors. The training shall be delivered to employees and authorized representatives of vendors who are directly eng…

Any charges for portable electronics insurance coverage may be billed and collected by the vendor of portable electronics. Each charge to the enrolled customer for coverage that is not included in the cost associated with the purchase or lease of portable electronics or related s…

An insurer may terminate or otherwise change the terms and conditions of a policy of portable electronics insurance only upon providing the vendor policyholder and enrolled customers with at least twenty days notice. If the insurer changes the terms and conditions, then the insur…

Terms 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 part…

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 ser…

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: (1) The name of the person who applied for and received the waiver; (2) The ap…

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 …

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…

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 r…

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 associa…

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 re…

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 innov…

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 discreti…

The director may not grant a waiver with respect to: (1) Any law, regulation, bulletin, or other provision not subject to the director's jurisdiction; (2) Any requirement as to the minimum amount of paid-in capital or surplus required to be possessed or maintained by any particip…

An applicant shall submit an application in the form and manner prescribed by the director that: (1) Identifies the person applying for the waiver; (2) Contains relevant personal and contact information for the applicant, including legal names, addresses, telephone numbers, e-mai…

In addition to § 58-48-5 , 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 …

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 direc…

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 …

A participant may be required to make a deposit of cash or marketable securities in the manner provided under chapter 58-7 and in amounts, conditions, and for such purposes as the director determines necessary for the protection of consumers. The deposit required by this section …

The state of South Dakota hereby enacts the Interstate Insurance Product Regulation Compact: Interstate Insurance Product Regulation Compact Article I. Purposes The purposes of this compact are, through means of joint and cooperative action among the compacting states: (1) To pro…