IDRA to issue Regulatory Sandbox Guidelines-2023

Business Desk :
The Insurance Development and Regulatory Authority (IDRA) is issuing a Regulatory Sandbox Guidelines-2023 for maintaining a balance between the orderly development of the insurance sector and the protection of the interests of insurance customers and to involve the information technology sector in insurance services.

Under these guidelines, Insurers, Insurtech/Startup organizations and any other person or organization selected by the authority shall engage in testing and implementation (subject to the approval of the authorities) of insurance plan development, insurance product marketing (including e-commerce), provision of insurance claim settlement services, underwriting and any other class of insurance as prescribed by the authority.