Regulatory Sandbox Bill One Step Closer to Becoming Law After Clearing N.C. House | Beaufort County Now | Experts say North Carolina will be on the vanguard of emerging technologies in the insurance and financial products sector if a bill that has passed both chambers of the General Assembly becomes law.

Coronavirus Disease 2019 (COVID-19)
Publisher's Note: This post appears here courtesy of the Carolina Journal. The author of this post is AUTHORNAME.

Photo: Maya Reagan / Carolina Journal

    Experts say North Carolina will be on the vanguard of emerging technologies in the insurance and financial products sector if a bill that has passed both chambers of the General Assembly becomes law.

    House Bill 624 got the OK from the N.C. House on Wednesday, June 16, in a 103-2 vote. The bill would establish a "regulatory sandbox" — similar to one created in Arizona in 2018 — that would waive certain regulatory obstacles for a trial period for fast-emerging products and services.

    "Knowing that North Carolina and the leaders of our General Assembly recognize the power of innovation, the importance of being business-friendly and nimble, and the relevance of having an Innovation Sandbox approach makes me feel very bullish for the future of the Old North State," said Tariq Bokhari, founder of the Carolina Fintech Hub and a member of the Charlotte City Council. "From this point forward, innovation will be a part of everyone's job."

    H.B. 624 is similar to another version — Senate Bill 470 — passed by the Senate on June 14 in a unanimous 47-0 vote.

    Differences between the two bills must now be ironed out in a conference committee before a final version is sent to Gov. Roy Cooper for his signature.

    Both bills would create a new Innovation Council to market the program and seek and review applications. The council would evaluate applications based on level of innovation, potential consumer risks, the level of consumer protections and complaint resolutions in place, and level of business plan and capital. It would then make recommendations and pass them along to the state agencies ultimately responsible for the final decision.

    "We believe that this is an incredibly forward-looking piece of legislation that recognizes the coming growth in the fintech industry," said Jordan Roberts, government affairs associate for the John Locke Foundation. "It also recognizes that often government regulation moves slower than the innovation in the private sector."

    Civitas Action graded S.B. 470 a "yes" vote in a recent press release.

    "The technology, banking, and insurance sectors illustrate how quickly government regulations can fall behind the fast-paced speed of innovation. A Regulatory Sandbox would allow companies the breadth to create new technologies without fear of running afoul of state regulations. From there, state legislators could make informed decisions about the need for regulation, when applicable."

    "The world is rapidly changing all around us," Bokhari said. "Technology is disrupting the business models that have fueled the last century of growth across the globe. Being able to innovate at a greater pace than everyone else will be the great measuring stick over the next century, and the tough truth is there will have to be winners and losers."
Go Back


Latest Op-Ed & Politics

Wonder what those money are carrying to expose people to
The suspect who took several people hostage in a Texas synagogue on Saturday is reportedly dead and all hostages are safe.
The Democrat-dominated Buncombe County Board of Commissioners wants to join the legal fight against North Carolina’s new election maps.
The White House appeared to cut out remarks made by a reporter during Friday’s press briefing from the administration’s official transcript of the event.
Governor Cooper cautioned people to stay home today and stay safe, as most roads remain snow and ice covered, and thousands of homes and businesses in some coastal counties are without power.
Law enforcement officials in Texas are negotiating with a man who has allegedly taken hostages during services at a synagogue in Colleyville, which is located in the Dallas-Fort Worth area.
Governor Roy Cooper and state officials are advising residents to not let their guard down


The family of Gabby Petito will say in a “60 Minutes” interview set to air Sunday that they believe Brian Laundrie’s parents know where he is.
White fragility. Equitable math. The invisible knapsack. These critical theory terms and practices are now common in North Carolina’s public K-12 schools.
The death of a democratic republic is not a new possibility; it has happened before in the pantheon of World history, and it can happen again; but, who will be to blame?
My previous research brief discussed that last year Gov. Roy Cooper pledged over $1.3 billion in corporate welfare to just 58 corporations from state “economic development” incentives programs whose stated purposes are about “job creation.”
President Joe Biden has had a terrible few months, with numerous aspects of his agenda getting blocked in congress by even members of his own party.
Hang onto your seats, everyone. Tired of your grocery bill going up and up each week?
Since at least October 2020, we have been trying to find out how many of North Carolina’s Covid-19 hospitalizations were for people whose Covid infection was so bad that it put them in the hospital


Back to Top