Initiatives to create Sandbox in the insurance space.
Closely following the initiatives of the RBI and SEBI for setting up a regulatory sandbox in the financial services sector, the Insurance Regulatory and Development Authority of India (“IRDAI”) has come out with the IRDAI (Regulatory Sandbox) Regulations, 2019 (notified on July 30, 2019) and the Guidelines on Operational Issues pertaining to the Regulatory Sandbox (“Guidelines”) (notified on August 22, 2019) to create a regulatory environment to test innovations, new products and ideas in the insurance space.
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