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.
- Insurers.
- Insurtech/Start up organizations.
- 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.
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Insurance plan development.
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Insurance product marketing (including e-commerce).
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Provision of insurance claim settlement services.
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Underwriting.
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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:
- If information technology-driven innovation benefits the country's insurance sector.
- If information technology innovation safeguards the interests of consumers of insurance.
- Through the use of a secure technology, enhance insurance penetration and inclusion rates.
- If the party satisfies additional requirements determined by the relevant authorities.