Regulator Irdai has proposed to amend the norms associated to ‘regulatory sandbox’ by incorporating principle-based method and additional facilitating the adoption of progressive concepts and new ideas throughout the insurance coverage worth chain.
Regulatory sandbox normally refers to reside testing of latest services or products in a managed/check regulatory atmosphere for which regulators could or could not allow sure relaxations.
The Insurance coverage Regulatory and Growth Authority of India (Irdai) constituted an inside committee to evaluate the Irdai (Regulatory Sandbox) Rules.
Based mostly on the suggestions of the committee, it has proposed amendments to the regulatory sandbox laws and seeks feedback from the general public at giant on the proposed amendments.
Issuing an publicity draft on regulatory sandbox laws, Irdai stated the modification seeks adoption of precept based mostly method over rule based mostly method.
The adjustments to the norms are additionally aimed to facilitate the introduction of progressive concepts/new ideas throughout the insurance coverage worth chain, Irdai stated.
Irdai has invited feedback from the stakeholders on ‘Publicity draft – Irdai (Regulatory Sandbox) (Modification) Rules, 2024’ by November 25.
