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Section 13: Further powers of the Authority

Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019Central Regulations · 1938

(1) The Authority shall have the right to call for, inspect or look into any document, record or communication from the applicant.

(2) Notwithstanding the above, where the Authority is of the opinion that the operations of the applicant are not in the interest of the Indian market or the insurance policyholders, the Authority reserves the right to take appropriate actions including suspension or cancellation of permission granted.

(3) The Chairperson of the Authority may issue Guidelines on matters relating to operational issues pertaining to the Regulatory Sandbox, [guidelines based on the outcome of Sandbox proposals]8 and such other relevant matters as deemed appropriate.

7 Omitted by Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2022 vide Notification No. IRDAI/Reg/3/182/2022 dated 05.12.2022, for the following:- "(2) The maximum period for which the relaxation shall be granted is one year."

8 Inserted by Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2022 vide Notification No. IRDAI/Reg/3/182/2022 dated 05.12.2022.

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Where this provision sits

ActInsurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019
Section13
Marginal noteFurther powers of the Authority
JurisdictionCentral
StatusIn force as published by the source

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