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Kentucky Embraces Innovation in the Insurance Industry

May 23, 2019 9:54:02 AM

 KY Gov. Matt Bevin signs House bill 386

According to an announcement posted on the Lane Report, Kentucky Governor Matt Bevin signed House Bill 386. This bill “creates a ‘sandbox’ that will allow for the development of creative risk management solutions”.

The “sandbox” will be administered by the Department of Insurance (DOI) and aims to give solution providers a little more flexibility while also protecting the consumers’ best interests. Participants will be required to self-report data to the DOI for evaluation and oversight, and the DOI will update legislators to ensure proper monitoring is in place. The law takes effect June 27, 2019.

“We are excited to see legislators embracing innovation in an industry that has typically been slow to adopt new solutions,” said Proformex Founder Mike Pepe. “As an innovative insurance solution ourselves, we are supportive of this enhanced focus on bringing new solutions to market while keeping consumer protections top of mind.”

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