58-48-1. Definitions. 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 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 s 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. Source: SL 2021, ch 214, § 1.
South Dakota Legal Code