1. A. If a participant tests an innovative insurance product or service requiring ongoing duties after the termination date of a waiver, the participant shall continue to fulfill those duties or arrange for another person to fulfill those duties after the date the waiver terminates. At the termination of the testing period provided by a waiver, the participant shall immediately stop offering all innovative insurance products or services being tested. The participant shall submit a final report showing test results within sixty days of waiver termination.
2. B. If an innovative insurance product or service fails before the termination of a testing period as provided in an innovation waiver, the participant shall immediately notify the commissioner and report on actions taken by the participant to ensure consumers have not been harmed as a result of the failure.
3. C. The commissioner may terminate an innovation waiver for cause and with reasonable notice to the participant.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:11, 22:1430.1 et seq., and the Administrative Procedure Act, R.S. 49:950 et seq.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Insurance, Office of the Commissioner, LR 51:968 (July 2025).