The Insurance Regulatory and Development Authority of India on 5th December, 2022 has issued the Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2022. The objectives of these Regulations are to amend the Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019 to:
(i) remove limited validity period of the Regulation
(ii) increase the experimental period of the Regulatory Sandbox from existing six (6) months to up to 36 months
(iii) Authorize the Chairperson to issue guidelines, if necessary, based on the outcome of Sandbox proposals.
