The objective of the application phase is to study and evaluate the proposals made by the Innovative Solution Owners in the light of the eligibility criteria for the experimental environment, taking into consideration the following:

1. The originality of innovation, so that it is novel, new and supports the techniques used inside the State.
2. The benefit to the insured and the beneficiaries of the insurance policies, so that the applicant must provide the Authority with evidences showing that there are tangible results reflected on them positively.
3. Identifying the risks resulting from the innovative solution, and developing the necessary controls to manage these risks throughout the pilot period.

4. Readiness for testing, in terms of providing an action plan that includes the implementation timeline and a clear testing methodology.

5. Exit plan, so that the Authority shall be provided with the future scenario of the process:

1. Development of the innovative solution.
2. Usage of the innovative solution, specifying the following:

1. How to extend the innovative solution to include a larger market.
2. How to ensure that the insured and beneficiaries are not harmed as a result of the failure of the test.
3. How to ensure that the insured and beneficiaries are not harmed as a result of a decision issued by the Authority or by an initiative of the Innovative Solution Owner.

6. Applications for joining the experimental environment of FinTech shall be submitted in accordance with the approved forms for this purpose.
7. The forms shall include a number of documents that must be submitted with the application to be duly studied.
8. The Authority shall study and evaluate the application within a period of twenty (20) working days as from the date of submission of the completed application.