South Dakota § 58-48-1 - Definitions.
Full text of South Dakota South Dakota Codified Laws § 58-48-1 — Definitions., with citation guidance and answers to common questions.
§ 58-48-1. Definitions.
Terms used in this chapter mean:
(1) "Applicant," a person applying for an insurance innovation waiver;
(2) "Consumer," a person that purchases or otherwise enters into a transaction or agreement to receive an innovative insurance product or service that is being tested by a participant;
(3) "Innovation," 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 division to have a comparable widespread offering in the state;
(4) "Innovative insurance product or service," an insurance product or service that includes an innovation;
(5) "Insurance product or service," an insurance product or insurance service that requires state licensure, registration, or other authorization under this title, including an insurance product or insurance service that includes a business model, delivery mechanism, or element that requires a license, registration, or other authorization to do insurance business, act as an insurance producer, or otherwise requires division approval;
(6) "Insurance innovation waiver" or "waiver," a document issued pursuant to this chapter that 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 or in full compliance with the provisions of this title;
(7) "Participant," an applicant whose application for a waiver is granted in accordance with this chapter; and
(8) "Test," to provide an innovative insurance product or service in accordance with a granted waiver.
Source: SL 2021, ch 214, § 1.
Frequently Asked Questions About South Dakota § 58-48-1
What does South Dakota Codified Laws § 58-48-1 cover?
Section 58-48-1 ("Definitions.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-48-1?
A common citation format is "South Dakota Codified Laws § 58-48-1" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-48-1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.