INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Hyderabad, the 7th April, 2021
No. IRDAI/Reg/ 3 / 175 / 2021.— In exercise of the powers conferred by clause (zd) of sub-section 2 of section 114A of Insurance Act, 1938 read with Section 14(2)(e) and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019, namely :-
1. Short Title and commencement:
1.1 These Regulations may be called the Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2021.
1.2 These Regulations shall come into force on the date of their publication in the Official Gazette.
2. Objective clause – The objective of these Regulations is to amend the Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019 to extend its validity for a period of 2 years. This is with a view to enabling the completion of experiment of the existing sandbox proposals and also to allow new sandbox proposals for experiment.
3. In sub regulation (3) of Regulation 1, for the words “2 years”, the words “4 years” shall be substituted.
Dr. SUBHASH C. KHUNTIA, Chairman
Note: The principal regulations were published in the Gazette of India, Extraordinary, Part III, Section 4, vide notification No. F. No. IRDAI/ Reg/ 11/ 162/ 2019 dated 26th July, 2019