HB 4457 creates a "regulatory sandbox" program for the insurance industry, allowing the Texas Commissioner of Insurance to grant temporary waivers from certain regulations to companies testing innovative insurance products or services. The waivers cannot apply to laws governing solvency requirements, assigned risk plans, or trade practices. Companies seeking a waiver must submit an application detailing the benefits and risks of their innovation. Approved waivers last up to 12 months and may be extended for another 12 months. Violations of the terms of a waiver can result in administrative penalties​.