After approving a few products for life and general insurance companies under its Regulatory Sandbox programme, in three phases,  the Insurance Regulatory and Development Authority of India’s (Irdai) has invited applications for the 2nd cohort of the Regulatory Sandbox.

The window for filing of applications shall open on 15thSeptember, 2020 and close on 14th October, 2020.

The IRDAI has created a Regulatory Sandbox whose objective is to use innovative ideas to foster growth and increase the pace of most innovative companies, in a way that provides flexibility in dealing with regulatory requirements and at the same time focussing on policyholder protection.

The IRDA has asked the  applicants to comply with following issues while submitting the application:

– Clearly read the provisions of Insurance Act, Rules and Regulations

-Not file products already existing in the market

-Clearly bring out the innovation and protection of policyholder’s interest

-Furnish the implementation approach & methodology

-Identify success metrics and methodology to measure the success parameters in an independent, demonstrable and verifiable manner

  Regulatory Sandbox Project has provided the insurance industry with the flexibility to explore new products and services that suit today’s technology and data driven world.

The “Regulatory Sandbox Approach” is used to carve out a safe and conducive environment to experiment with innovative approaches (including Fin-Tech solutions), and where the consequences of failure, if any, can be contained.

The  IRDAI has deployed an online application module to receive applications electronically. The applicant can make the application by visiting the following login-https://reg.irda.gov.in/sandbox/.

All applicants are advised to use the above link to file their application for the regulatory sandbox