IRDAI invites applications for regulatory sandbox

The IRDAI has invited applications for its regulatory sandbox from September 15. “The Regulatory sandbox regulations define a) an applicant (insurer or insurance intermediary or a person other than an individual having a net worth of INR 10 Lakh and a standing of one financial year), b) regulatory sandbox and c) the sandbox environment,” the IRDAI statement had said. The IRDAI had said that the objectives of these regulations are to strike a balance between orderly development of the insurance sector on one hand and protection of interests of policyholders on the other, while at the same time facilitating innovation. It is also looking to facilitate the creation of regulatory sandbox environment and to relax such provisions of any existing regulations framed by the authority for a limited scope and limited duration if such relaxation is needed.