The Louisiana Department of Insurance (LDI) announced its intent to promulgate Regulation 134, creating the Insurance Regulatory Sandbox Program. Regulation 134 was enacted through the passage of Act 229 of the 2024 Regular Session of the Louisiana Legislature.

The program gives the insurance commissioner the authority to grant temporary waivers from certain insurance laws and regulations to businesses in order to test innovative insurance products and services. Regulation 134 outlines the standards and procedures for participating in the program.

The commissioner can grant applicants an innovation waiver, allowing them to introduce an innovative insurance product or service without the typically required license or without being fully compliant with an insurance law or regulation. The applicant should demonstrate that the innovation waiver will not unreasonably increase risk to consumers or create unfair competition in the market, and that the innovation waiver is in the public interest.