PRESS RELEASE
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. In light of the same, the Insurance Regulatory
and Development Authority of India 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 Authority notified the IRDAI
(Regulatory Sandbox) Regulations, 2019 on 26th July, 2019.
The objectives of these Regulations are:
(i)
To strike a balance between orderly
development of Insurance sector on one hand and protection of interests of
policyholders on the other, while at the same time facilitating innovation.
(ii)
To facilitate creation of regulatory sandbox
environment and, if deemed fit, to relax such provisions of any existing
Regulations as needed.
Further as per Regulation 13(3) of the
IRDAI (Regulatory Sandbox) Regulations, 2019, the Authority has issued the
guidelines on the operation of the Regulatory Sandbox outlining the procedure
to be followed in implementing the “innovation in insurance” programme. The Regulatory
Sandbox regulations and the operational guidelines can be accessed in IRDAI
portal at: https://reg.irda.gov.in/sandbox/
The Authority hereby invites
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 applicants are advised to keep in mind the following issues while submitting the
application:
a) Clearly
read the provisions of Insurance Act, Rules and Regulations
b) Not
file products already existing in the market
c) Clearly
bring out the innovation and protection of policyholder’s interest
d) Furnish
the implementation approach & methodology
e) Identify
success metrics and methodology to measure the success parameters in an
independent, demonstrable and verifiable manner
As per Regulation 5(1) of
the IRDAI (Regulatory Sandbox) Regulations, 2019 the Authority has deployed an
online application module to receive applications electronically. The applicant
can make the application by visiting the following loginhttps://reg.irda.gov.in/sandbox/.All applicants are advised
to use the above link to file their application for the regulatory sandbox
Further as per Regulation
5(2) of the IRDAI (Regulatory Sandbox) Regulations, 2019, applicants are
advised to remit a non-refundable processing fees of rupees ten thousand to
IRDAI in favour of Insurance Regulatory and Development Authority, Hyderabad
through NEFT remittance as per following details:
1. CATEGORY OF
PAYMENT - Fees
2. BANK A/C
NUMBER - 860120110000686
3. NAME –
Insurance Regulatory and Development Authority of India
4. IFSC
CODE - BKID0008601
5. NAME OF BANK
& BRANCH - Bank of India, Basheerbagh, Hyderabad
6. NAME OF
APPLICANT -
7. AMOUNT –
8. TRANSACTION
No./ UTR No. -
9. DATE OF
TRANSACTION –
Please note no service tax
is to be paid on processing fees to be remitted to IRDAI.