Go to Other Versions of The
Utah Code
2021 Utah Code
Title 31A - Insurance Code
Chapter 47 - Insurance Regulatory Sandbox Program
Section 105 - Consumer protection for insurance regulatory sandbox.
Universal Citation:
UT Code § 31A-47-105 (2021)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
Effective 5/12/2020
31A-47-105. Consumer protection for insurance regulatory sandbox.
Enacted by Chapter 141, 2020 General Session
31A-47-105. Consumer protection for insurance regulatory sandbox.
- (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 or service;
- (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.
Enacted by Chapter 141, 2020 General Session
Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
