Sandbox Solution on the Back Burner

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 Eric, “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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