Other areas covered by Insurance Regulatory Sandbox Regulatory Guidelines, are market conduct guidelines for Takaful, Retakaful insurance operators, enterprise risk management framework for Takaful.
Providing more insights into the Insurance Regulatory Sandbox Operational Guidelines, Salami said it established a relaxed regulatory environment for the testing of innovative products, services, business models, channels of distribution subject to regulatory discretions, and set parameters that have the potential of improving insurance inclusiveness and service efficiency.
The commission stated that the new guidelines are issued in exercise of the powers conferred on the Commission under the NAICOM Act 1997 and the Insurance Act 2003, adding that the guidelines would read in conjunction with the provisions of the Insurance Act as well as other regulations, notices and circulars that the commission may issue from time to time.