IRDAI issued a press release dated January 10, 2025, on further strengthening the regulatory framework with the notification of 5 new regulations/amendments as part of a comprehensive review to ensure an agile and progressive regulatory environment. The Key highlights of the Press Release are as under:
- Regulations on Regulatory Sandbox
IRDAI has strengthened the Regulatory Sandbox framework by making it more principle-based, expanding its scope to encourage innovation and efficiency, and introducing a provision for filing Inter-Regulatory Sandbox proposals across multiple financial sectors.
- Regulations on Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority
IRDAI has consolidated previous regulations into the IRDAI (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority) Regulations, 2025, mandating electronic record-keeping, data governance, confidentiality guidelines, and storage of data in India-based data centres.
- Amendments to Meetings Regulations
IRDAI has notified amendments to the following three regulations to enhance operational flexibility, governance, and meeting efficiency:
IRDAI (Meetings) Regulations, 2025
IRDAI (Insurance Advisory Committee) Regulations, 2025
IRDAI (Re-Insurance Advisory Committee) Regulations, 2025.
A copy of the press release is attached for your ready reference.
Source category: IRDAI
Attachments
- /2025/447_2025_01_10-_IRDAI_Press_Release.pdf
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