IRDAI vide circular dated 4th November, 2024 has issued an Exposure draft – IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2024. IRDAI issues the following proposed amendments to the Regulatory Sandbox regulations and seeks comments from the public at large on the proposed amendments.
The amendment to the regulations are based on the following approach:
- Adoption of principle based approach over rule based approach.
- No hard-coding of values, numbers, etc in the regulations.
- Operational issues to be covered in the master circular.
- Regulations to facilitate introduction of innovative ideas/ new concepts across the insurance value chain.
All the stakeholders are requested to forward their comments / suggestions, if any, on the proposed regulations on or before 5:00 PM on 25th November, 2024 to anjaly.jolly@irdai.gov.in and randip@irdai.gov.in.
