IRDAI (Regulatory Sandbox) (Amendment) Regulations_ 2022

IRDAI has issued an Exposure Draft – IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2022 for seeking comments/suggestions from the stakeholders.

Major highlights of the Exposure Draft are as follows:

The limited time period of applicability of the Sandbox Regulations, which was of 2 years and was subsequently amended to 4 years in the year 2021, is now proposed to be removed.
The cohort-based approach (while inviting applications from Insurers for promoting innovation in insurance sector) is proposed to be removed.
The validity period for the permission granted by the IRDAI under Sandbox Regulations is proposed to be increased from 6 months to 36 months.
In case of extension applied by the Applicant at the end of 6 months, the said period of 6 months is to be substituted with the word “experimental period”.
The present limit of 1 year on the period of relaxation that may be granted to the Applicant from the provisions of any Regulations by the IRDAI Chairperson is also proposed to be removed.
After the phrase “issues pertaining to the Regulatory Sandbox” under Regulation 13(3) of the Sandbox Regulations, the words “issuance of new guidelines based on the outcome of Sandbox proposals” are proposed to be inserted

Source category: IRDAI