LA| The Louisiana Department of Insurance promulgated Regulation 134 in July 2025 to implement the Insurance Regulatory Sandbox Program, established by Act 229 of 2024. This program authorizes the commissioner to grant temporary waivers from certain insurance laws, allowing for the limited testing of innovative insurance products or services within the state. Regulation 134 outlines application requirements, conditions, monitoring, public notice, and termination procedures for participants in the sandbox, with the goal of fostering innovation while protecting consumers and ensuring public interest.
Key points:
- The program allows temporary innovation waivers for testing new insurance products or services that may not fully comply with current laws, with waivers lasting up to three years and possible extensions.
- Applicants must meet specific criteria including transparency, consumer protection measures, financial security, and ongoing reporting and monitoring by the commissioner.
- Public notice and confidentiality provisions are established to balance transparency with proprietary protections, and waivers can be revoked if participants fail to comply or cause consumer harm.