The Insurance Regulatory and Development Authority of India (IDRAI) on December 06, 2022, notified that the Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2022. The amendment seeks to introduces following changes:
(i)Remove the limited validity period of the Regulation
(ii)Increase the experimental period of the Regulatory Sandbox from the existing six (6) months to up to 36 months
(iii)Authorise the Chairperson to issue guidelines, if necessary, based on the outcome of Sandbox proposals.