LA| The Louisiana Department of Insurance has issued a Notice of Intent to promulgate Regulation 134, establishing the Insurance Regulatory Sandbox Program, which allows temporary waivers from certain insurance laws to encourage the development and testing of innovative insurance products and services. The regulation outlines detailed application procedures, eligibility requirements, consumer protections, and reporting obligations for participants, while limiting the number of consumers and duration of each waiver, and ensuring that the program does not increase consumer risk or create unfair competition. The proposed rule is not expected to have significant fiscal, economic, or operational impacts on state or local government, small businesses, or providers, and public comments are invited through May 12, 2025.
Key Points:
- Regulation 134 creates a framework for the Insurance Regulatory Sandbox Program, enabling innovators to test new insurance products under temporary regulatory waivers, subject to strict application, reporting, and consumer protection requirements.
- Waivers are limited in scope and duration (up to three years, with a possible one-time extension), capped at 10,000 consumers, and require applicants to demonstrate public benefit, risk mitigation, and readiness, with a $2,000 nonrefundable filing fee.
- The regulation is designed to be cost-neutral, with no measurable impact on small businesses, providers, families, or government finances, and includes provisions for public notice, comment, and transparency throughout the waiver process.
Click here to see LA DOI Notice to Promulgate Regulation 134