This document outlines the Insurance Regulatory and Development Authority of India (IRDAI) Regulatory Sandbox Amendment Regulations, 2021. Published on April 9, 2021, the amendment extends the validity of the Insurance Regulatory and Development Authority of India Regulatory Sandbox Regulations, 2019, by two years. This extension, changing the original two-year period to four years, aims to facilitate the completion of ongoing sandbox experiments and to allow for the introduction of new proposals within the regulatory sandbox framework. The amendment is enacted under the powers conferred by clause (zd) of subsection (2) of section 114A of the Insurance Act, 1938, read with Section 142e and 26 of the Insurance Regulatory and Development Authority Act, 1999, following consultation with the Insurance Advisory Committee. The principal regulations were initially published on July 26, 2019, vide notification No. F. No. IRDAI Reg 11 162 2019. The amendment is effective from the date of its publication in the Official Gazette. Dr. Subhash C. Khuntia, Chairman, IRDAI, approved the amendment.
Key Entities Referenced
Insurance Regulatory and Development Authority of India: The regulatory body responsible for overseeing and regulating the insurance industry in India.
Insurance Act, 1938: A key law governing the insurance sector in India.
Insurance Regulatory and Development Authority Act, 1999: An act that established the Insurance Regulatory and Development Authority of India and defines its powers and functions.
Insurance Advisory Committee: A committee that provides advice to the Insurance Regulatory and Development Authority of India.
Insurance Regulatory and Development Authority of India Regulatory Sandbox Regulations, 2019: Regulations established by IRDAI to create a regulatory sandbox for encouraging innovation in the insurance sector.
Insurance Regulatory and Development Authority of India Regulatory Sandbox Amendment Regulations, 2021: Amendments made in 2021 to the Insurance Regulatory and Development Authority of India Regulatory Sandbox Regulations, 2019.
Hyderabad, Telangana: The city where the notification was issued.
Dr. SUBHASH C. KHUNTIA: Chairman of the Insurance Regulatory and Development Authority of India.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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ऄसाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 149] नइ ददल्ली, िक्रु िार, ऄप्रैल 9, 2021/चत्रै 19, 1943
No. 149] NEW DELHI, FRIDAY, APRIL 9, 2021/CHAITRA 19, 1943
भारतीय बीमा जिजनयामक और जिकास प्राजधकरण
ऄजधसचू ना
हदै राबाद, 7 ऄप्रैल, 2021
भारतीय बीमा जिजनयामक और जिकास प्राजधकरण (जिजनयामक सडैं बाक्स) (सिं ोधन) जिजनयम, 2021
फा. स.ं भा. बी. जि. जि. प्रा. / जिजनयम / 3 / 175 / 2021.—बीमा जिजनयामक और जिकास प्राजधकरण ऄजधजनयम, 1999
(1999 का 41) की धारा 14(2)(ङ) और 26 के साथ पठित बीमा ऄजधजनयम, 1938 की धारा 114ए की ईप-धारा 2 के खंड (िेडडी)
द्वारा प्रदत्त िजियों का प्रयोग करते हुए, प्राजधकरण बीमा सलाहकार सजमजत के साथ परामिश करने के बाद, भारतीय़ बीमा जिजनयामक
और जिकास प्राजधकरण (जिजनयामक सैंडबाक्स) जिजनयम, 2019 का संिोधन करने के जलए आसके द्वारा जनम्नजलजखत जिजनयम बनाता
ह,ै ऄथाशत् :-
ऄध्याय I
1. सजं िप्त नाम और प्रारंभः
1.1 ये जिजनयम भारतीय बीमा जिजनयामक और जिकास प्राजधकरण (जिजनयामक सैंडबाक्स) (संिोधन) जिजनयम, 2021
कहलाएँगे।
1.2 ये जिजनयम सरकारी रािपत्र में आनके प्रकािन की तारीख को प्रिृत्त होंगे।
2. ईद्देश्य खंड – आन जिजनयमों का ईद्देश्य भारतीय बीमा जिजनयामक और जिकास प्राजधकरण (जिजनयामक सैंडबाक्स) जिजनयम,
2019 का संिोधन 2 िर्श की ऄिजध के जलए आनकी जिजधमान्यता को बढाने के जलए करना है। यह ितशमान सैंडबाक्स प्रस्ट्तािों
के प्रयोग के समापन को संभि बनाने एिं साथ ही, प्रयोग के जलए नये सैंडबाक्स प्रस्ट्तािों को ऄनुमजत दने े के ईद्देश्य से भी ह।ै
2121 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
3. जिजनयम 1 के ईप जिजनयम (3) म,ें िब्द “2 िर्श” के जलए िब्द “4 िर्श” प्रजतस्ट्थाजपत दकये िाएँगे।
डॉ. सुभार् सी. खुंठिअ,ऄध्यि
[जिज्ञापन III/4/ऄसा./13/2021-22 ]
ठिप्पणीः मूल जिजनयम ऄजधसूचना सं. फा. सं. भा. बी. जि. जि. प्रा. / जिजनयम/ 11/ 162/ 2019 ददनांक 26 िुलाइ, 2019 के द्वारा
भारत के रािपत्र, ऄसाधारण, भाग III, खंड 4 में प्रकाजित दकये गय ेथे।
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, the 7th April, 2021
Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment)
Regulations, 2021
F. No. IRDAI / Reg / 3 / 175 / 2021.— In exercise of the powers conferred by clause (zd) of sub-section 2 of
section 114A of Insurance Act, 1938 read with Section 14(2)(e) and 26 of the Insurance Regulatory and Development
Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby
makes the following regulations to amend Insurance Regulatory and Development Authority of India (Regulatory
Sandbox) Regulations, 2019, namely :-
CHAPTER I
1. Short Title and commencement:
1.1 These Regulations may be called the Insurance Regulatory and Development Authority of India
(Regulatory Sandbox) (Amendment) Regulations, 2021.
1.2 These Regulations shall come into force on the date of their publication in the Official Gazette.
2. Objective clause – The objective of these Regulations is to amend the Insurance Regulatory and Development
Authority of India (Regulatory Sandbox) Regulations, 2019 to extend its validity for a period of 2 years. This is
with a view to enabling the completion of experiment of the existing sandbox proposals and also to allow new
sandbox proposals for experiment.
3. In sub regulation (3) of Regulation 1, for the words “2 years”, the words “4 years” shall be substituted.
Dr. SUBHASH C. KHUNTIA, Chairman
[ADVT.-III/4/Exty./13/2021-22]
Note: The principal regulations were published in the Gazette of India, Extraordinary, Part III, Section 4, vide
notification No. F. No. IRDAI/ Reg/ 11/ 162/ 2019 dated 26th July, 2019
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.