(1) Prior to the sale of an innovative insurance product or service to a consumer, the sandbox participant shall disclose the following to the consumer in a clear and conspicuous format in English and Spanish:

(a) The name and contact information of the sandbox participant;

(b) That the innovative insurance product or service is authorized pursuant to the Insurance Regulatory Sandbox Act for a temporary period of one year with a possible extension of one additional year, but for no more than two years;

(c) Any risk to the consumer associated with the purchase of the innovative insurance product or service;

(d) That neither the State of Nebraska nor the Department of Insurance recommends the innovative insurance product or service and that neither the state nor the department is subject to any liability for losses or damages caused by such product or service;

(e) That the consumer may contact the Department of Insurance to file a complaint regarding the innovative insurance product or service. Contact information for the Department of Insurance shall also be provided;

(f) That state insurance insolvency guaranty funds are not available for the innovative insurance product or service; and

(g) Any other statements or additional disclosures that may be required by the Department of Insurance.

(2) The disclosures required by subsection (1) of this section shall be provided to consumers through a written disclosure statement. Sandbox participants shall keep a signed copy of the disclosure statement on file and be able to produce the statement for the department upon request.

(3) Sandbox participants shall also note on any websites, social media postings, advertisements, and promotional materials of any kind all potential risks for consumers associated with the purchase of the innovative insurance product or service.