Shawn Hanson Pens Insurance Journal Article on Kentucky’s New Regulatory “Sandbox” for Insurtech Investments
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Insurance Journal has published the article “Kentucky Looks to Encourage Insurtech Investments Through Regulatory ‘Sandbox’,” written by Akin Gump litigation partner Shawn Hanson. The article discusses legislation passed in Kentucky, making it the first state to provide a “comprehensive framework for an insurance regulatory ‘sandbox’ for insurance technology products.”
Hanson writes that the new law will allow for “private-sector flexibility while preserving necessary consumer protections.” Taking effect tomorrow, it comes “on the heels of a lucrative first quarter of 2019 for the insurtech space,” and strikes a balance “between innovation and regulation by creating a two-part regulatory safe harbor or ‘sandbox.’”
The article outlines the necessary steps to apply to “play in the sandbox.” It also examines what happens once an application is accepted.
To read the client alert on which the article is based, please click here.