Nebraska Statutes 44-9403. Terms, defined
For purposes of the Insurance Regulatory Sandbox Act:
Terms Used In Nebraska Statutes 44-9403
- Department: shall mean the Department of Insurance. See Nebraska Statutes 44-103
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(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.
Source
- Laws 2023, LB92, § 90.
- Operative Date: September 2, 2023