Eric Biderman Quoted in Reactions Magazine
New York attorney Eric Biderman was quoted in an article by Reactions Magazine on the relationship between insurtech innovators and regulators. According to the article, although the relationship between the two has been growing stronger, Munich Re is still struggling to have its US regulatory testing platform, the “sandbox”, launched. The sandbox, named Fitlab, was presented to the National Association of Insurance Commissioners and a vote was scheduled, but never happened.
Many countries such as Spain, Australia, and Switzerland have already developed these regulatory sandboxes, and “even if Munich Re’s proposal is never acted upon, a similar programme will be inevitable, think industry experts.” According to Mr. Biderman, “Fitlab mimics what a lot of people in the industry already do. A lot of parties already meet with regulators beforehand, and get feedback on how to structure their products. Fitlab is trying to identify those that will hear their ideas, and provide a clearing house with an audience of regulators. Otherwise firms would have to go state by state.”
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