Irdai for extending validity of sandbox regulations by another 2 years

The Insurance Regulatory and Development Authority has recommended the extension of validity of sandbox regulations by another two years, in light of the fact that many applicants could not complete their experiments on time due to the pandemic.

Irdai had notified the sandbox regulation in 2019, and it was valid for a period of two years. It received 173 applications in the first cohort, of which 67 were given approvals, and in the second cohort, Irdai has got 185 applications. Due to Covid-19, most could not be completed within six months and they have been granted six months’ extension.

As the validity ends on July 25, Irdai feels many of the applicants may not finish their experiments in time and the approvals given to applicants in the second cohort may not complete experiments.