Home » Outreach » Regulatory Sandboxes » State Info
IMPLEMENTED
- In 2024, Representative Kim Carver introduced House Bill 701 to encourage innovation in the insurance industry. Find out why this departure from the status quo is important by checking out our blurb.
INTRODUCED
- In 2022, Representative Beryl Amedee introduced House Bill 564, which would have created an insurance sandbox.
- In 2021, Senator Robert Mills sponsored Senate Bill 231, which would have created an insurance sandbox.
- In 2021, Representative Mark Wright sponsored House Bill 482, which would have created fintech sandbox.
What is a Regulatory Sandbox?
In short, a regulatory sandbox is a set of rules that allow businesses, usually within a specific industry, to test themselves in the market for a set period of time — generally two to three years — without being subject to any particular set of regulations. This is especially helpful to new businesses with innovative products, services, and/or business models that don’t neatly fit into a single industry. At the end of that set time period, the business and its results are evaluated to determine what, if any, regulations should apply to it.
Interested?
Libertas Institute is the national pioneer in regulatory sandboxes, helping Utah pass the country’s first all-inclusive regulatory sandbox—benefitting businesses in every industry. This broad proposal is the culmination of a years-long effort we’d love to share with you so you can consider the optimal strategy and timeline for your state.
Interested in learning more about regulatory sandboxes and getting in touch?
What About Other States?
Or select your state:
