IRDAI Regulatory Sandbox

Insurance sandbox support assesses an innovation’s suitability for a defined IRDAI testing route and its customer-protection safeguards.

Promoters, regulated businesses and compliance leaders assessing an activity-specific regulatory requirement can use this service to clarify a particular issue. A useful starting question is: “What happens after an insurance sandbox test concludes?” Begin with the facts behind that question rather than assuming that a standard package will resolve it.

The engagement can cover the following workstreams. The proposal specifies which apply to your matter and what evidence or specialist input is needed.

• Review innovation and testing eligibility.
• Design customer safeguards metrics and reporting.
• Plan application testing and exit arrangements.

Start with the records below where available. They help establish the facts before a more specific checklist is agreed.

• Product descriptions.
• Test protocols.
• Consent arrangements.
• Risk assessments.

Provide the relevant entity, transaction or reporting period and any existing notice or deadline. Identify missing or inconsistent records so they can be addressed explicitly.

Permission to test a particular proposal does not automatically authorise unrestricted launch or unrelated insurance activities.

1. Define the question: review innovation and testing eligibility, using the available product descriptions and the facts you provide.
2. Examine the evidence: design customer safeguards metrics and reporting. Record unresolved information and the assumptions that affect the analysis.
3. Agree the action: plan application testing and exit arrangements. Set the required deliverables, responsible owners and any follow-up or external dependency.

The proposal for IRDAI Regulatory Sandbox sets out the analysis, documentation or coordination deliverables and the work you retain. The availability of product descriptions, test protocols, consent arrangements and risk assessments affects readiness and the amount of follow-up needed. Fees and the working schedule are agreed after that initial assessment. Any required independent report, legal representation or authority application is identified as a separate responsibility where relevant.

Use these official resources for the relevant framework. Application to a particular entity, period or jurisdiction requires a separate assessment.

• IRDAI: Insurance distribution resources

• RBI Regulatory Sandbox
• Regulatory Compliance And Advisory
• IRDAI Compliance for Insurance Companies
• AML Regulatory Reporting Service

Share a short summary of your IRDAI Regulatory Sandbox requirement and the records already available. BIATConsultant can assess the proposed scope and explain the next steps.

• Request a IRDAI Regulatory Sandbox consultation
• About BIATConsultant