Bill Summary for H 624 (2021)

Summary date: 

Sep 22 2021

Bill Information:

View NCGA Bill Details2021
House Bill 624 (Public) Filed Tuesday, April 20, 2021
AN ACT TO ENACT THE NORTH CAROLINA FINANCIAL AND INSURANCE REGULATORY SANDBOX ACT AND TO ESTABLISH THE NORTH CAROLINA INNOVATION COUNCIL.
Intro. by Saine, Turner, Lofton, Szoka.

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Bill summary

Senate committee substitute to the 3rd edition makes the following changes.

Amends GS 169-7 by providing that a sandbox participant may be required to post a consumer protection bond, or alternatively, a deposit of cash or readily marketable securities, with the applicable State agency. Also adds that no later than 30 days before the end of the sandbox period, a sandbox participant may request an extension of no more than 12 months in order to obtain a license or other authorization required by law. Requires the applicable State agency to grant or deny the extension request by the end of the sandbox period. Requires the Innovation Council and the applicable State agency to provide an expedited process for an innovative product or service that is substantially similar to a product or service for which a waiver has previously been granted.

Amends GS 169-8 by adding that nothing in this act affects the applicable State agency's exercise of its authority with respect to the efficacy of an innovative insurance product or service or limit the ability of an applicable State agency to ensure the financial capability of a sandbox participant transacting business with consumers.

Changes the act's effective date from October 1, 2021, to when the act becomes law.

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