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.”
To read the full article, please click here. (subscription required)
- Related Industries