INSURANCE DEPARTMENT: Creates the Insurance Regulatory Sandbox Act (EN SEE FISC NOTE SG EX See Note)

This bill creates an Insurance Regulatory Sandbox Act to allow the state insurance department to test new insurance products and business models in a controlled environment. The legislation expands the department's authority to issue directives alongside existing regulations and bulletins, enabling more flexible oversight during these pilot programs. It also extends the sunset date for the sandbox program from 2029 to 2032 and clarifies the timeline for annual reporting requirements.