Section 8: Extension of first permission

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

3 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:- "a period of 6 months" 4 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 javascript:OpenNotifications('MANU/IRDA/0098/2022') javascript:OpenNotifications('MANU/IRDA/0098/2022')

(1) If, at the end of 5[experimental period], the applicant seeks extension of time, a request may be made to the Authority citing the reasons for seeking the extension along with a performance analysis of the proposal so far.

(2) The Chairperson of the Authority may consider the request of the applicant on merits.

(3) Under no circumstances will the applicant be granted extension of time beyond 6[12] months to complete the task.

(4) The clause relating to revocation of permission as mentioned in Regulation 7 shall apply mutatis mutandis for the extension period.

Where this provision sits

Act	Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019
Section	8
Marginal note	Extension of first permission
Jurisdiction	Central
Status	In force as published by the source

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