Bill > HB184

This bill extends the insurance regulatory sandbox program in Kentucky until December 31, 2030 and modifies several related provisions of insurance law. Specifically, the bill extends the deadline for insurance companies to apply to the state's insurance department for admission to the "sandbox" program, which allows innovative insurance products and services to be tested in a controlled regulatory environment. The bill also updates the commissioner's reporting requirements about the sandbox program, mandating reports to the Interim Joint Committee on Banking and Insurance for the years 2026 through 2030. Additionally, the bill introduces a new section addressing netting agreements and qualified financial contracts in insurance company delinquency proceedings, providing detailed rules about how such agreements can be handled during rehabilitation or liquidation processes. The changes aim to provide more flexibility for insurance innovation while maintaining consumer protections and establishing clear guidelines for handling complex financial arrangements during insurance company insolvency proceedings.