The “Regulatory Sandbox Approach” isused to carve out a safe and conducive environment to experiment with innovativeapproaches (including Fin-Tech solutions), and where the consequences offailure, if any, can be contained. In light of the same, the Insurance Regulatoryand Development Authority of India has created a Regulatory Sandbox whoseobjective is to use innovative ideas to foster growth and increasethe pace of most innovative companies, in a way that provides flexibility indealing with regulatory requirements and at the same time focussing onpolicyholder protection. The Authority notified the IRDAI(Regulatory Sandbox) Regulations, 2019 on 26th July, 2019.
The objectives of these Regulations are:
Further as per Regulation 13(3) of theIRDAI (Regulatory Sandbox) Regulations, 2019, the Authority has issued theguidelines on the operation of the Regulatory Sandbox outlining the procedureto be followed in implementing the “innovation in insurance” programme. The RegulatorySandbox regulations and the operational guidelines can be accessed in IRDAIportal at:
The Authority hereby invitesapplications for the 2nd cohort of the Regulatory Sandbox. Thewindow for filing of applications shall open on 15thSeptember, 2020and close on 14th October, 2020.
The applicants are advised to keep in mind the following issues while submitting theapplication:
As per Regulation 5(1) ofthe IRDAI (Regulatory Sandbox) Regulations, 2019 the Authority has deployed anonline application module to receive applications electronically. The applicantcan make the application by visiting the following login
Further as per Regulation5(2) of the IRDAI (Regulatory Sandbox) Regulations, 2019, applicants areadvised to remit a non-refundable processing fees of rupees ten thousand toIRDAI in favour of Insurance Regulatory and Development Authority, Hyderabadthrough NEFT remittance as per following details:
1. CATEGORY OFPAYMENT - Fees
2. BANK A/CNUMBER - 860120110000686
3. NAME –Insurance Regulatory and Development Authority of India
4. IFSCCODE - BKID0008601
5. NAME OF BANK& BRANCH - Bank of India, Basheerbagh, Hyderabad
6. NAME OFAPPLICANT -
7. AMOUNT –
8. TRANSACTIONNo./ UTR No. -
9. DATE OFTRANSACTION –
Please note no service taxis to be paid on processing fees to be remitted to IRDAI.