NC H1013

Establishes the North Carolina Financial and Insurance Regulatory Sandbox Act to create a testing environment for financial technology (Fintech) and insurance technology (Insurtech) companies to test new products and services with regulatory flexibility.

Creates the North Carolina Financial and Insurance Innovation Commission, chaired by the Commissioner of Banks, with members including the Commissioners of Insurance, Secretary of State, Attorney General, and three public members appointed by the Governor and legislative leaders.

Allows registered sandbox companies to test products or services on up to 25,000 consumers with transactions not exceeding $50,000 per consumer, with registration valid for two years and renewable.

Requires applicants to submit detailed applications including financial statements, criminal background information, and risk management plans; the Commissioner of Banks investigates applications and must decide within 90 days; application fee is $500.

Grants the Commissioner broad investigative and examination powers, allows suspension or revocation of registrations for violations, and permits harmed consumers to bring civil damage actions against registrants.