The Insurance Regulatory and Development Authority of India vide its notification dated 7th April 2021 has published The Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2021 to extend the validly of this regulation for another 2 years with a view to enable the completion of experiment of the existing sandbox proposals and also to allow new sandbox proposals for experiment.
The objective of this regulation is 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 and to create 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 a relaxation is needed.
