LAC 37:XIII.20507. Definitions

A. Strictly for the purposes of Regulation 134, the following terms are defined as follows: Applicant—the person or business entity applying for an innovation waiver. Commissioner—the Louisiana Commissioner of Insurance. 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. Demonstration—to temporarily provide an offering in accordance with the provisions of Regulation 134. Department—the Louisiana Department of Insurance. Key Personnel—any employee or contractor of the applicant involved with the product or service which is subject to the innovation waiver. Innovation—the use or incorporation of a new or existing idea, a new use or emerging technology, or a new use of existing technology to address a problem, provide a benefit, or otherwise offer a product, production method, service, business model, or delivery mechanism that is not known by the department to have a comparable widespread offering in the state. Innovation Waiver—a document issued pursuant to the Regulatory Sandbox that allows a participant to temporarily test an innovative insurance product or service on a limited basis without being fully compliant with the insurance laws and regulations of this state. Innovative Insurance Product or Service—an insurance product or service that includes an innovation. Insurance Product or Service—an insurance product or insurance service that requires licensure, registration, or other authorization pursuant to the insurance laws and regulations of this state. Offering—a product or service that includes an innovation. Participant—a person or business entity that has been granted an innovation waiver. Regulatory Sandbox—the Insurance Regulatory Sandbox Program created by R.S. 22:1430.1 et seq. which allows a person to temporarily demonstrate an offering under a waiver of one or more state laws or regulations. Test—to provide an innovative insurance product or service in accordance with an innovation waiver.