Nebraska Statutes 44-9407. Sandbox testing period; termination or extension; requirements
(1) At least thirty days before the end of the twelve-month regulatory sandbox testing period, a sandbox participant shall:
Terms Used In Nebraska Statutes 44-9407
- 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
(a) Notify the department that the sandbox participant will exit the regulatory sandbox, discontinue the sandbox participant’s test, and stop offering any innovative insurance product or service in the regulatory sandbox within sixty days after the day on which the twelve-month testing period ends; or
(b) Seek an extension in accordance with section 44-9408.
(2) Subject to subsection (3) of this section, if the department does not receive notification as required by subsection (1) of this section, the regulatory sandbox testing period ends at the end of the twelve-month testing period and the sandbox participant shall immediately stop offering each innovative insurance product or service being tested.
(3) If a test includes offering an innovative insurance product or service that requires ongoing duties, the sandbox participant shall continue to fulfill those duties or arrange for another person to fulfill those duties after the date on which the sandbox participant exits the regulatory sandbox.
Source
- Laws 2023, LB92, § 94.
- Operative Date: September 2, 2023