(1) Before providing an innovative insurance product or service to a consumer, an
insurance sandbox participant shall disclose the following to the consumer:
(a) the name and contact information of the insurance sandbox participant;
(b) that the innovative insurance product or service is authorized pursuant to the
insurance regulatory sandbox and, if applicable, that the insurance sandbox participant
does not have a license or other authorization to provide an insurance product or
service under state laws that regulate insurance products or services outside the
insurance regulatory sandbox;
(c) that the innovative insurance product or service is undergoing testing and may
not function as intended and may expose the customer to financial risk;
(d) that the provider of the innovative insurance product or service is not immune
from civil liability for any losses or damages caused by the innovative insurance
product or service;
(e) that the state does not endorse or recommend the innovative insurance product
(f) that the innovative insurance product or service is a temporary test that may
be discontinued at the end of the testing period;
(g) the expected end date of the testing period; and
(h) that a consumer may contact the department to file a complaint regarding the innovative
insurance product or service being tested and provide the department's telephone number
and website address where a complaint may be filed.
(2) The disclosures required by Subsection (1) shall be provided to a consumer in
a clear and conspicuous form and, for an Internet or application-based innovative
insurance product or service, a consumer shall acknowledge receipt of the disclosure
before a transaction may be completed.
(3) The department may require that an insurance sandbox participant make additional
disclosures to a consumer.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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