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A bill pending in the N.C. Senate would tear down burdensome regulations for 24 months for companies offering new financial or insurance products that use emerging technology, allowing them to test out cutting-edge products or services.
Senate Bill 470 would establish a “regulatory sandbox” similar to one created in Arizona in 2018. The measure would waive certain regulatory obstacles for a trial period for fast-emerging products and services.
“This is an exciting opportunity for North Carolina,” said Sen. Todd Johnson, R-Union, the bill’s primary sponsor. “It positions North Carolina in the United States for innovation among startups and incumbent stakeholders. I firmly believe this bill is a major step forward in making North Carolina fertile soil for companies to call home.”
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