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IRDAI Forms Committee on Insurance Regulatory Sandbox
October 04, 2018
Insurance regulator IRDAI has established a committee to do a research on a regulatory sandbox in India. The committee will work on creating a hypothetical environment in which fintech solutions can be analysed and experimented with so that their results can be contained.
IRDAI chairman Subhash C Khuntia said a sandbox method might be developed that will help in testing new products. If the test results are positive, the products can be filed for approval.
The new committee has 10 members including some from the regulator itself and some from the industry. It will be convened by IRDAI General Manager RK Sharma.
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