Insurers Pressing for Regulatory 'Sandbox'

Insurance companies wanting to try new technology or different ways of doing business are likely to face regulatory obstacles — a situation the American Insurance Association wants to address. AIA has developed model legislation intended to give insurance commissioners more flexibility in working with startups, and to help insurers bring new products and services to market. The model law, called the Insurance Innovation Regulatory Variance or Waiver Act, would give a state’s insurance commissioner authority to relax certain requirements of insurance laws or regulations, ...