The Insurance Regulatory and Development Authority (IRDAI) is inviting applications under regulatory sandbox. A press release to this effect was issued on 31st March, 2023.
It may be recalled that in order to promote innovation in the insurance sector and encourage technological solutions on a continuous basis, the process of filing of applications had been made perpetual.
This was achieved through the IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2022. The
experimentation period was increased from ‘6 months’ to ‘up to 36 months’. Among other amendments, the a provision to review rejected applications was also introduced.
Additionally, a Committee on Regulatory Sandbox with representation from industry and academia has been constituted. This committee will screen applications, evaluate test design of the hypothesis and recommend applications for experimentation.
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 email@example.com