When applying for the IRDAI Regulatory Sandbox, certain documents are required to ensure that your application is complete and meets the regulatory standards. These documents help the Insurance Regulatory and Development Authority of India (IRDAI) assess your business idea and its potential impact on the insurance market.
Key Documents Needed:
Company Registration Certificate: A copy of your company’s registration under the Companies Act, 2013 to prove that your business is legally established.
Business Plan: A detailed plan explaining your product or service, how it works, and its potential benefits to the insurance industry.
Proof of Financial Stability: Documents showing your company’s financial health, like balance sheets, to ensure you can support your business operations during the sandbox period.
Compliance and Risk Management Framework: This document outlines how your business plans to follow regulations and manage risks effectively during the testing phase.
Project Details: Information about your insurance product or service, including its objectives and expected outcomes.
KYC (Know Your Customer) Details: Details of your directors and key personnel to confirm they meet the IRDAI's eligibility criteria.
These documents help the IRDAI evaluate if your business idea is viable, secure, and compliant with Indian insurance laws. Ensure all documents are accurate and up-to-date when applying.