Ratings for an Amphibian

Ok, so I have a related question:
With these new LSA amphibs coming out (like the Mermaid), does one fly
them using "sport pilot" privledges? Or does one have to go out and
get SES rating for it? Let's say I buy one and I have a SEL rating
only, can I fly it under sport pilot rules without going out and
getting a SES rating...? I'm inclined to think so, but I'd like to
hear what people say.

What the insurance company says is a whole different can of worms, I
realize! I'm just talking strictly about the FAR's (or the CFR Part
blah, blah, blah...they're still FAR's to me)

-Ryan in Madison, WI