South Dakota Codified Laws 58-48-1. Definitions
Terms used in this chapter mean:
(1) “Applicant,” a person applying for an insurance innovation waiver;
Terms Used In South Dakota Codified Laws 58-48-1
- Insurance business: includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder. See South Dakota Codified Laws 58-1-2
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
(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.
Source: SL 2021, ch 214, § 1.