IRDAI vide Ref No. IRDAI/I&AT/ORD/MISC/78/3/2023 dated March 31, 2023, has issued an order reconstituting the Committee to evaluate applications filed under IRDAI (Regulatory Sandbox) Regulations, 2019.
Composition of the Committee
The primary objective of the Committee is to evaluate the applications/proposals filed under Regulatory Sandbox Regulations. The composition of the reconstituted Committee is as below:
- Member (F&I), IRDAI in the Chair
- Mr. Nithin Chugh, DMD & Head (Digital Banking), SBI-Member
- Mr. Abhishek Kathuria, Assistant Professor, Information System, ISB-Member
- Mr. Pankaj Setia, Professor (Information Systems) & IIMA Chair Professor, IIM Ahmedabad-Member
- Mr. Rakesh Rajan, Chief Digital Officer (CDO), RBI Innovation Hub-Member
- Mr. Vishal Gupta, Vice President (Product Management), PhonePe-Member
- Team InsurTech, IRDAI-Convener
The respective Member or HOD of the Nodal Department would also be an Invitee in the above said Committee.
Terms of Reference of the Committee
- Screening of applications received under Regulatory Sandbox and Inter-Operable Regulatory Sandbox.
- Evaluating the test design of the proposed concept.
- Recommending the applications for taking up for experimentation
Meeting Frequency
- The Committee shall meet at least once in a month or as may be required.
- The Quor um of 3 external members would be required for convening the meeting.
Term
The Committee shall have a term of 2 years.
Source category: IRDAI
Attachments
- /2023/176_Committee_on_Regulatory_Sandbox_(1).pdf
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