IRDA gets close to 170 applications under sandbox, approvals by end of FY20

In May this year, the insurance regulator had come out with draft regulations for the creation of a regulatory sandbox in the insurance sector

The Insurance Regulatory and Development Authority (IRDA) has received close to 170 applications under the regulatory sandbox approach, aimed to promote innovation in the insurance sector.

According to sources, a majority of the proposals are in the non-life segment, including some from insuretech firms. IRDA is expected to approve some of the products this financial year, according to the source.

The window for submitting applications was open for around 30 days in the months of September and October.

Regulatory Sandbox usually refers to live testing of new products in a controlled environment, wherein regulators may permit certain relaxations for the