169-1. Short title; definitions. (a) This Chapter shall be known and may be cited as the "North Carolina Regulatory Sandbox Act of 2021." (b) The following definitions apply in this Chapter: (1) Applicable State agency. – The Office of the Commissioner of Banks or the Department of Insurance, based upon either’s regulatory oversight and responsibility […]
169-10. Privacy; confidentiality of records. (a) The Innovation Council or applicable State agency may collect personal information that is relevant and necessary to accomplish a lawful purpose. The Innovation Council or applicable State agency may not disclose personal information without the consent of the subject of the information, or unless required by law or regulation. […]
169-11. Blockchain initiatives. The Innovation Council may explore, receive input, analyze, and make recommendations, with respect to blockchain initiatives and the application of blockchain technology, that would additionally provide benefit to the State, its consumers, and its industry. (2021-166, s. 1.)
169-12. Reciprocity. (a) A sandbox participant is deemed to possess an appropriate license under the laws of this State for purposes of any provision of federal law requiring State licensure or authorization. (b) The Innovation Council or applicable State agency may enter into agreements with other State, federal, or foreign regulators to advance the purpose […]
169-2. Legislative findings. (a) The General Assembly finds that the banking and insurance industry is a major economic driver for the State. The General Assembly also finds that FinTech, InsurTech, and other emerging technologies are undergoing a transformational period and providing greater automation, connectivity, transparency, and opportunity for related products and services. The General Assembly […]
169-3. Regulatory sandbox program established; innovation waivers; limitations. (a) Notwithstanding any other provision of law, a person who makes an innovative product or service available to consumers in the regulatory sandbox may be granted a waiver of specified requirements imposed by statute or rule, or portions thereof, if these statutes or rules do not currently […]
169-4. North Carolina Innovation Council established. (a) The North Carolina Innovation Council is established. The purpose of the Innovation Council is to support innovation, investment, and job creation within North Carolina by encouraging participation in the regulatory sandbox. The Council is empowered to set standards, principles, guidelines, and policy priorities for the types of innovations […]
169-5. Regulatory assistance; technical assistance; nonprofit organizations. A designated nonprofit organization which has been duly authorized by the Office of the Secretary of State shall be recognized as partners that may help sandbox applicants navigate the regulatory sandbox application process. Certain participating nonprofit organizations may also assist sandbox participants with the design and implementation of […]
169-6. Regulatory sandbox applications. (a) An entity may apply to participate in the regulatory sandbox by submitting an application to the Innovation Council. The Innovation Council shall select and refer applicants to the applicable State agency. Admission to the regulatory sandbox shall not be against the public interest and shall not unreasonably increase risk to […]
169-7. Regulatory sandbox requirements; procedures. (a) Upon approval of an applicant’s application for entry into the regulatory sandbox, the applicant will have a period of 24 months after the date of approval to test the innovative product or service. Innovations tested within the regulatory sandbox must be offered only to consumers who are residents of […]
169-8. Consumer protections. (a) Nothing in this Chapter shall be construed as allowing the Council or an applicable State agency to grant an innovation waiver that alters or amends any of the following: (1) Article 12 of Chapter 20 of the General Statutes, Motor Vehicle Dealers and Manufacturers Licensing Law. (2) Chapter 24 of the […]
169-9. Records requirements. A sandbox participant must retain comprehensive records, documents, and data produced in the ordinary course of business regarding an innovative product or service tested in the regulatory sandbox for a period not less than five years after the conclusion of the period of the testing or for the period required pursuant to […]
