South Dakota Codified Laws 58-48-10. Consumer disclosures–Digital disclosure receipts
Disclosures must be provided to consumers by a participant before providing an innovative insurance product or service in clear and conspicuous form disclosing the following:
(1) The name and contact information of the participant;
Terms Used In South Dakota Codified Laws 58-48-10
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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) That the innovative insurance product or service is authorized pursuant to a waiver;
(3) That the 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 a waiver, if applicable;
(4) That the innovative insurance product or service may not function as intended and may expose the consumer to financial risk;
(5) That the participant is not immune from civil liability for any losses or damages caused by the innovative insurance product or service;
(6) That the innovative insurance product or service is not covered by any guaranty association if the participant becomes unable to pay claims;
(7) That the state does not endorse or recommend the innovative insurance product or service;
(8) That the innovative insurance product or service is a temporary test that may be discontinued at the termination of the testing period;
(9) The expected termination date of the testing period; and
(10) That a consumer may contact the division to file a complaint regarding the innovative insurance product or service being tested and provide the division’s telephone number and website address where a complaint may be filed.
The director may require additional disclosures for the protection of consumers. A digital receipt from a consumer acknowledging the disclosures is required if the disclosures are delivered through an internet or application-based platform.
Source: SL 2021, ch 214, § 10.