IRDAI vide notification no. F. No. IRDAI/Reg/3/182/2022 dated December 05, 2022 has issued a “Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2022”(“Amendment Regulations”).
The major highlights of the regulation are as follows:-
- The limitation on the validity of Regulation has been removed. The Regulation shall be reviewed once in every 3 years from the date of its publication unless a review, repeal or amendment is warranted earlier.
- The experimentation period has been enhanced from 6 months to 36 months.
- The applicant may further seek extension of not beyond 12 months to complete the task from the end of experiment period, subject to the fulfilment of necessary conditions as prescribed.
- The cohort based approach for filing applications has been done away with.
- In case of non-consideration of the application, the applicant will have an option to file review application to the committee as specified by IRDAI.
- Enabling provisions for Chairperson to issue guidelines on the basis of outcome of the experiment.
Source category: IRDAI
Attachments
- /2022/129_IRDAI(Regulatory_Sandbox)_(Amendment).pdf
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