CT SB00482

Establishes a Fintech Regulatory Sandbox program allowing companies to offer innovative financial products and services (including cryptocurrency) for 36 months without obtaining state licenses, overseen by an Innovation Council.

Creates an Innovation Council with representatives from Banking, Economic Development, Attorney General's office, and appointed members with expertise in fintech, blockchain, and entrepreneurship to review applications and set program standards.

Requires program participants to disclose to consumers in English and Spanish that products are temporary, not state-endorsed, and subject to reduced regulatory oversight; participants must submit to criminal background checks and may face consumer caps or surety bond requirements.

Establishes an Insurtech Regulatory Sandbox initiative allowing startup insurance companies to operate for 36 months under a light regulatory framework without state licensure, with the Insurance Commissioner able to waive licensing requirements and set limits on policyholders and risk exposure.

Both programs require annual reports to the General Assembly beginning January 1, 2024, documenting applicants, participants, offerings, and recommendations for legislative improvements; programs become effective July 1, 2022.