Document Detail

Title: Press Release
Reference No.: IRDAI/ INT/ RS/ 2nd / 08/ 2020
Date: 25/08/2020
Regulatory Sandbox – Inviting applications for 2nd cohort, Aug 2020

 

PRESS RELEASE

 

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:

(i)           To strike a balance between orderlydevelopment of Insurance sector on one hand and protection of interests ofpolicyholders on the other, while at the same time facilitating innovation.

(ii)         To facilitate creation of regulatory sandboxenvironment and, if deemed fit, to relax such provisions of any existingRegulations as needed.

 

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: https://reg.irda.gov.in/sandbox/

 

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:

a)    Clearlyread the provisions of Insurance Act, Rules and Regulations

b)    Notfile products already existing in the market

c)    Clearlybring out the innovation and protection of policyholder’s interest

d)    Furnishthe implementation approach & methodology

e)    Identifysuccess metrics and methodology to measure the success parameters in anindependent, demonstrable and verifiable manner

 

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 loginhttps://reg.irda.gov.in/sandbox/.All applicants are advisedto use the above link to file their application for the regulatory sandbox

 

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.

  • Download


  • file icon

    Regulatory Sandbox – Inviting applications for 2nd cohort, Aug 2020.pdf

    780 KB