IRDAI sets up a 8-member committee to evaluate applications filed under Regulatory Sandbox

Insurance regulator IRDAI has set up a 8-member committee to evaluate applications filed under the Regulatory Sandbox (RS) approach to promote innovative ideas to foster growth in insurance sector. The committee will be headed by International Institute of Information Technology (Bangalore) Director S Sadagopan. The term ‘Regulatory Sandbox (RS)’ refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of testing. As per the terms of reference, the committee will screen of applications received for the Regulatory Sandbox and evaluating the test design of the proposed hypothesis.