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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.