The Insurance Regulatory and Development Authority of India (IRDAI) on January 03, 2025, issued the Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2025.
This shall come into force from January 09, 2025.
The following has been stated namely: -
• The Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019 shall be repealed.
• It aims to promote innovation in insurance through a regulatory sandbox while ensuring sector development and policyholder protection.
• Chapter II outlines the procedure for seeking permission to promote innovation in insurance in India.
• Chapter III outlines the powers granted to competent authorities to issue any circular or guidelines under these regulations.
Detailed notification is attached below.
[Notification no. - IRDAI/Reg/5/212/2025]
