Senate Bill 245 Printer's Number 894

PENNSYLVANIA, June 4 - "Insurance product or service." A product or service that is

offered by an insurer that requires State licensure,

registration or other authorization as regulated by State law,

including a product or insurance service that includes a

business model, delivery mechanism or element that requires a

license, registration or other authorization to do an insurance

business, act as an insurance producer or consultant or engage

in insurance adjusting as regulated by State law.

"Offering." A product, production method or service,

including a financial product or service or an insurance product

or service, that includes an innovation.

"Office." The Regulatory Relief Office established under

section 3.

"Product." A commercially distributed good that is:

(1) the result of a production process; and

(2) passed through the distribution channel before

consumption.

"Production." The method or process of creating or obtaining

a good, which may include assembling, breeding, capturing,

collecting, extracting, fabricating, farming, fishing,

gathering, growing, harvesting, hunting, manufacturing, mining,

processing, raising or trapping a good.

"Program." The Regulatory Sandbox Program established under

section 5.

"Regulatory sandbox." A State law that allows a person to

temporarily demonstrate an offering under a waiver or suspension

of a State law, regulation, rule or guidance that would

otherwise apply to the offering.

"Sandbox participant." A person whose application to

participate in the regulatory sandbox is approved in accordance

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