1 Substituted 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:- "(3) These Regulations shall remain in force for a period of [4 years] from the date of publication in the Official Gazette."
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(1) In these Regulations, unless the context otherwise requires: - a. "Act" means the Insurance Act, 1938;
b. "Applicant" includes i. an insurer or ii. an intermediary or insurance intermediary or iii. any person other than an individual having a minimum net-worth of ten lakhs rupees for previous financial year or iv. any other person recognized by the Authority seeking singly or jointly permission for promoting innovation in insurance in India;
c. "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
d. "Regulations" means the Regulations framed by the Authority as defined under Section 2 (16A) of the Act;
e. "Regulatory Sandbox" means an environment used in the financial services sector, which provides testing ground for new business models, processes and applications that may not necessarily be covered fully by or are not fully compliant with existing Regulations;
f. "Sandbox environment" means a testing environment designed for experimentation for a specific period of time.
(2) Words and expressions used and not defined in these Regulations but defined in the Insurance Act, 1938 (4 of 1938) or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or the Rules or the Regulations notified there under, shall have the meanings respectively assigned to them in those Acts or the Rules or the Regulations as the case may be.
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CHAPTER II PROCEDURE FOR SEEKING PERMISSION FOR PROMOTING INNOVATION IN INSURANCE IN INDIA