Introducing Regulatory Sandbox in Insurance

Ashish Vision

Insurance sector in India has witnessed many changes and reforms since 2000. Be it, opening the market for private players in 2000, Foreign Direct Investment (FDI) upto 26% in 2000, detariffing in 2007, allowing foreign reinsurers to open their branch offices in 2015, FDI upto 49% in 2015 etc.  These measures did had positive impact in the industry as a whole and one of the coming reform measures which Insurance Regulatory and Development Authority of India (IRDAI) has proposed is of Regulatory Sandbox in Insurance. This post will be discussing about the proposed Regulatory Sandbox.

IRDAI will be coming up with a separate regulation for the regulatory sandbox in insurance and draft of this regulation has been already published and once published in the Gazette of India after necessary changes if required will come into force and will be known as IRDAI (Regulatory Sandbox) Regulations, 2019.  There are two important…

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