44-9403. Terms, defined.

314 words·~1 min read·/ne/chapter-44/44-9403

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For purposes of the Insurance Regulatory Sandbox Act:

(1)Applicable agency means a department or agency of the state that, by law, regulates certain types of insurance-related business activity in the state and persons engaged in such insurance-related business activity. This includes the issuance of licenses or any other types of authorization which the department determines would otherwise regulate a sandbox participant;

(2)Applicant means an individual or entity that is applying to participate in the regulatory sandbox;

(3)Consumer means a person that purchases or otherwise enters into a transaction agreement to receive an innovative insurance product or service that is being tested by a sandbox participant;

(4)Department means the Department of Insurance;

(5)Innovation means 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 department to have a comparable widespread offering in the state;

(6)Innovative insurance product or service means an insurance product or service that includes an innovation;

(7)Insurance product or service means an insurance-related product or service that requires state licensure, registration, or other authorization as regulated by state law, including any insurance-specific business model, delivery mechanism, or element that requires a license, registration, or other authorization;

(8)Regulatory sandbox means the program created in section 44-9404 which 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;

(9)Sandbox participant means a person whose application to participate in the regulatory sandbox is approved in accordance with the Insurance Regulatory Sandbox Act; and

(10)Test means to provide an innovative insurance product or service in accordance with the Insurance Regulatory Sandbox Act.