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The Insurance Regulatory and Development Authority of India (IRDAI) has approved 16 products under the Regulatory Sandbox in the second tranche.
“The evaluation committee constituted by the Authority has evaluated the second tranche of the proposals related to non-life, life and intermediaries and made their recommendations,” the insurance regulator said in a circular issued on Tuesday.
The approval has been given to 16 different products proposed by Bajaj Allianz General Insurance, Tata AIG, Go Digit General Insurance, Reliance General Insurance, ICICI Lombard, India First Life Insurance, HDFC Life Insurance and ICICI PruLife.
The products approved include motor insurance, trade credit insurance for SMEs, parametric insurance, outpatient health cover, disease management, dynamic terms cover and livelihood protection. The period of approval is from May 1 to October 31, 2020.
The regulatory sandbox here refers to live testing of new, innovative products in a controlled regulatory environment backed by relaxation of certain norms by the IRDAI for the limited purpose of testing. The objective behind this approach is to identify innovative ideas to foster growth in the insurance sector.
After calling for applications in September last year, IRDAI relased first tranche of approvals a couple of months ago.
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