The Insurance Regulatory and Development Authority of India (IRDAI) has formed an eight-member panel to evaluate applications received under the regulatory sandbox.
S Sadagopan, Director, International Institute of Information Technology (Bengaluru), is the chairperson of the panel, the regulator said in a notification. The insurance regulator stated receiving applications from September 15under its ‘Regulatory Sandbox Approach’ to foster innovation and growth in the insurance sector. With fintechs taking an active part in providing customised and out-of-the-box solutions, insurance products are likely to get more innovative, and regulatory sandbox hopes to promote innovation by allowing live testing of new products/services by relaxing regulatory norms for a limited period of time. As per the terms of reference, the panel, with a tenure of one year, will screen applications received for the regulatory sandbox and evaluate the proposed hypothesis.
The committee will meet as often as required and may invite experts on a specific topic and submit its recommendations to the IRDAI. It will recommend applications for taking up for experimentation and evaluate the outcome of the experiments undertaken.