Insurance Regulatory and Development Authority of India (Irdai) will start taking applications for the ‘Regulatory Sandbox’ from September 15 to October 14. The insurance regulator launched the Regulatory Sandbox during the opening session of the ‘Curtain Raiser and Workshop on Regulatory Sandbox’ organised by Irdai in partnership with Confederation of Indian Industry (CII) on Friday in Mumbai.
This move will allow insurance companies to test products in particular geography or among set of few policyholders before they are available in the market. Market participants say that, going forward, there might be new products launched specifically for the retail segments.
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