The Insurance Regulatory and Development Authority of India (“IRDAI”) has proposed to extend the validity of the IRDAI (Regulatory Sandbox) Regulations, 2019 (“Regulations”) by a period of 2 years.
In consonance with the above-mentioned, IRDAI has published a draft version of IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2021 (“Draft Regulations”).
The Draft Regulations propose to extend the validity of the regulatory sandbox till 26th July, 2023, in order to enable the completion of experiment of the existing sandbox proposals and also to allow new sandbox proposals for experiment.
Comments and suggestions have been invited on the Draft Regulations. Comments/ suggestions may be sent in the attached format to randip@irdai.gov.in and sanjay@irdai.gov.in on or before 27th January, 2021.
Source: Insurance Regulatory and Development Authority of India
