58-48-14. Termination for failure--Termination by director.
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 result of the failure.
The director may terminate an insurance innovation waiver for cause and with reasonable notice to the participant. Nothing in this chapter restricts the director's application of chapters 58-4 and 58-29B as regards participants.
Source: SL 2021, ch 214, ยง 14.
Structure South Dakota Codified Laws
Chapter 48 - Insurance Innovation Waivers
Section 58-48-1 - Definitions.
Section 58-48-2 - Grounds for innovation waiver.
Section 58-48-3 - Waiver not to restrict policyholder recovery or restrict director's authority.
Section 58-48-4 - Limited scope of waiver.
Section 58-48-5 - Application for waiver--Persons excluded from waiver application.
Section 58-48-6 - Application review--Additional information required.
Section 58-48-7 - Grant or denial of waiver--Duration of waiver--Waiver deemed authority to act.
Section 58-48-8 - Conditions on innovation waiver.
Section 58-48-9 - Waiver participants--Deposit or bond.
Section 58-48-10 - Consumer disclosures--Digital disclosure receipts.
Section 58-48-11 - Public notice of granted waiver.
Section 58-48-12 - Record keeping by participants.
Section 58-48-13 - Termination of waivers.
Section 58-48-14 - Termination for failure--Termination by director.
Section 58-48-15 - No guaranty association coverage for waivers.
Section 58-48-16 - Confidentiality of waiver application and materials.