Insurtech Regulatory Sandbox

Insurtech Regulatory Sandbox

Who can apply to work under  Regulatory Sandbox Guideline 2023?

If your company falls under following categories, you can apply to this Regulatory Sandbox application.Insurers.

  1. Insurers.
  2. Insurtech/Start up organizations.
  3. Any other person or organization selected by the authority.

 

The Classification of Applications Under the Regulatory Sandbox Guideline 2023:

Insurtech and startup businesses can submit applications for one or more categories mentioned below  for NOC or approval from BASIS and finally by IDRA.

  1. Insurance plan development.

  2. Insurance product marketing (including e-commerce).

  3. Provision of insurance claim settlement services.

  4. Underwriting.

  5. Any other class of insurance.

 

Principal Requirements for the Application:

  • Any information technology company registered in Bangladesh already working/doing business as Insurtech company in partnership with Insurance company with products/service catering customers in Bangladesh or in similar economy.
  • Certificate of membership from Bangladesh Association of Software and Information Services (BASIS).
  • Attested copy of the memorandum of understanding or agreement executed between Insurtech company and licensed Insurance company of Bangladesh for each insurance product/service.
  • Fully functional digital platform with product/services.
  • The projects and product offerings should not have any contradiction or conflict with Bangladesh Insurance Act and Insurtech Regulatory Sandbox Guidelines.

 

Criteria for Receiving Approval:


Permission to operate under the Regulatory Sandbox framework will be granted if the authority is satisfied and the applicant fulfills the following conditions:

  1. If information technology-driven innovation benefits the country's insurance sector.
  2. If information technology innovation safeguards the interests of consumers of insurance.
  3. Through the use of a secure technology, enhance insurance penetration and inclusion rates.
  4. If the party satisfies additional requirements determined by the relevant authorities.