IRDAI vide a Press Release issued on March 31, 2023 has emphasized on the idea of promoting innovation in the insurance sector and encouraging technological solutions on a continuous basis.
In this regard, the IRDAI has informed that the process of filing of applications had been made perpetual vide notification of IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2022. Further, The experimentation period has also been increased from ‘6 months’ to ‘up to 36 months’ along with a provision to review rejected applications, among other amendments.
Through the Press Release, IRDAi has informed about constitution of a Committee on Regulatory Sandbox with representation from industry and academia to screen applications, evaluate test design of the hypothesis and recommend applications for experimentation. The InsurTech Team at IRDAI will be the secretariat for Regulatory Sandbox and will act as single point of contact with respect to the sandbox applications.
The desirous applicants can file the application to be considered under Regulatory Sandbox by e-mail to IRDAI at reg-sandbox@irdai.gov.in .
Source category: IRDAI
Attachments
- /2023/182_Regulatory_Sandbox_–_Inviting_Applications_(1).pdf
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