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Objectives and Documents

1. Contributing to achieving the UAE Vision 2021, which aims to create a competitive knowledge economy based on innovation, which requires the support of the Innovative Solutions Owners. In the meanwhile, qualifying the Authority to understand the products to be introduced and identify the risks associated with them and to ensure a satisfactory level for customers during the pilot period.

2. Transforming the UAE insurance market into a smart insurance market.

3. Supporting the emerging Emirati FinTech companies.

4. The Authority aims, by issuing this document, to define the regulatory framework for the operation and management of the experimental environment of the insurance sector, in order to create an attractive environment for the insurance sector using innovative systems, as well as, making it a platform to interact with FinTech companies, improving the regulatory framework, and contributing to economic growth and risk management.

Regulatory Sand box regulation

 

 

The Insurance Authority Board of Directors Decision No (41) of 2019The Insurance Authority Board of Directors Decision No (41) of 20192/25/2020 8:00:00 PM252301pdfThe Insurance Authority Board of Directors Decision No (41) of 2019.pdfpdfhttps://ia.gov.ae/en/Documents/The Insurance Authority Board of Directors Decision No (41) of 2019.pdf2/26/2020 5:47:04 AM

How to submit your application

 

 

البيئة التجريبية للتكنولوجيا الماليةالبيئة التجريبية للتكنولوجيا المالية
تقديم طلبات الموافقة على الدخول في البيئة التجريبية للتكنولوجيا المالية والخاصة بقطاع التأمين في دولة الامارات العربية المتحدةService Descriptionتقديم طلبات الموافقة على الدخول في البيئة التجريبية للتكنولوجيا المالية والخاصة بقطاع التأمين في دولة الامارات العربية المتحدةSubmit applications to get the approval to join Sandbox for the insurance sector in the United Arab Emiratesتقديم طلبات الموافقة على الدخول في البيئة التجريبية للتكنولوجيا المالية والخاصة بقطاع التأمين في دولة الامارات العربية المتحدةDay(s)
تحديد نطاق العملية : تشمل العملية على المسؤوليات والمهام والوثائق الضرورية لتقدم بطلب الموافقة على تطبيق التكنولوجيا المقترحة في البيئة التجريبيةService Scopeتحديد نطاق العملية : تشمل العملية على المسؤوليات والمهام والوثائق الضرورية لتقدم بطلب الموافقة على تطبيق التكنولوجيا المقترحة في البيئة التجريبيةDefining the scope of the process: The process includes the necessary documents to apply to get the approval to join the SandBoxتحديد نطاق العملية : تشمل العملية على المسؤوليات والمهام والوثائق الضرورية لتقدم بطلب الموافقة على تطبيق التكنولوجيا المقترحة في البيئة التجريبيةDay(s)

​Please note that the regulatory sandbox is meant to enable experimentation of innovative financial services/products that are regulated by Insurance Authority.

Registration form

Notes

  • Please note that the experimental environment aims to enable experimentation with innovative financial services / products organized by the Insurance Authority.
  • The company that wishes to apply for approval to be admitted into the experimental environment must submit all required documents within the time period. Interested companies are encouraged to apply for any of the annual periods. The following available periods are:
    • Applications are received between March 15 and June 15, 2020.
    • The decision will be issued by the Insurance Authority by June 30, 2020.
  • Accepted companies will be invited during the first period to apply to the experimental environment on the first and second of July 2020 "They will have six or twelve months to take the test as participants in the experimental environment and in accordance with the decision issued in this regard
    • Applications are received September 15 - October 15 2020
    • The decision will be issued by the Insurance Authority by October 30, 2020
  • Accepted companies will be invited to apply to the experimental environment on the first and second of November 2020 "They will have six or twelve months to take the test as participants in the experimental environment and in accordance with the decision of the Insurance Authority.

Application Form

CONTACT PERSON DETAILS

ATTACHMENTS

1-Full details of your organization’s full details, which cover the following areas:
  • Company profile, including organizational structure, past accomplishments, business profile and business entity regulatory bodies
  • a profile of key personnel, including relevant field knowledge and experience;
  • The financial position, including any financing raised and / or to be collected.
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2-Full details of the proposed financial service/product to be experimented in the sandbox

Please attach a document detailing the full details of the proposed financial product / service to be piloted in the experimental environment, covering areas

  • problem data that the proposed financial product / service aims to address
  • the benefits of the proposed financial service / product, in particular, that may not be present today
  • business model (s), including targeted customers and specific use cases. For each use case, provide a comprehensive explanation of how the proposed financial product / service is available
  • Technical engineering and solutions, detailing specific technology and innovative ways in which the technology will be applied
  • Comparison with current offers (including in the UAE) that are similar to the proposed financial product / service, with an emphasis on problem data, benefits, technology, and business model
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3-Full details of the applicable legal/regulatory requirements

Please attach a document regarding the full details of the applicable legal / regulatory requirements and what legal requirements will be excluded from their application in order to provide the service:

  • State the regulatory framework and legislation to which the institution is subject.
  • State the specific legal and regulatory requirements that the company is exempt from during the trial period
  • Describe how you intend to meet the full legal and regulatory requirements before leaving the experimental environment.
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4-Full details of the proposed sandbox design

Please attach a full details document for the proposed experimental environment design, which covers the following areas:

  • Describe the experiments to be performed in the experimental environment, including the specific test of technology application in the proposed financial service / product
  • Define and control the limits of the experimental environment, including:
    Firstly. The start and end date of the experiment.
    Second. Type of customer concerned (e.g. retail and approved)
    Third. Number of clients involved
  • Other quantifiable limits such as transaction limits or cash hold limits.
  • Quantification of maximum loss and impact, including any possible effects.
  • Based on paragraph 4 (c), please describe the controls to be applied to manage risks and failures in the experimental environment, including money laundering and terrorist financing and technology risks
  • Describe the exit and transfer plan for clients in the experimental environment, as well as the accuracy plans and how the business will proceed, in case the proposed financial service / product is stopped
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Education material

 

 

Sandbox Regulation Insurance SectorSandbox Regulation Insurance Sector3/11/2020 8:00:00 PM1928219pptxsanbox 2.pptxpptxhttps://ia.gov.ae/en/Documents/sanbox 2.pptx3/12/2020 12:09:48 PM

Permitted insurance Technology

FAQs

 

 

443/12/2020 11:37:47 AMWhat are the submission periods for sandbox application? Cohort A a. Applications welcome between 15th March – 15th June 2020. b. Decision will be provided by the IA by 30 April 2020. c. Firms accepted to the Cohort will be invited to apply to the sand box on first and second of May 2020 " they will have six or twelve months to do the test as sandbox participants depending on IA decision" Cohort B a. Applications welcome between 15th September – 15 October 2020 b. Decision provided by the IA by 30 October 2020 c. Firms accepted to the Cohort will be invited to apply to the sand box on first and second of November 2020 " they will have six or twelve months to do the test as sandbox participants depending on IA decision" ماهي فترة التسليم في البيئة التجريبية للتكنلوجيا المالية؟الفترة الأولى يتم استقبال الطلبات بين 15 مارس و15 يونيو 2020. سيتم صدور القرار من قبل هيئة التأمين بحلول 30 يونيو 2020. ستتم دعوة الشركات المقبولة خلال الفترة الأولى للتقدم إلى البيئة التجريبية في الأول والثاني من يوليو 2020 "سيكون لديهم ستة أو اثني عشر شهرًا لإجراء الاختبار كمشاركين في البيئة التجريبية ووفقاً للقرار الصارد بهذا الشأن الفترة الثانية يتم استقبال الطلبات 15 سبتمبر - 15 أكتوبر 2020 سيتم صدور القرار من قبل هيئة التأمين بحلول 30 أكتوبر 2020 ستتم دعوة الشركات المقبولة للتقدم إلى البيئة التجريبية في الأول والثاني من نوفمبر 2020 "سيكون لديهم ستة أو اثني عشر شهرًا لإجراء الاختبار كمشاركين في البيئة التجريبية ووفقًا لقرار هيئة التأمين. True
333/12/2020 11:36:58 AMWhat are the Eligibility Criteria to enter to sandbox? The product, service, software, or business model (innovation) shall meet the following criteria To be related to insurance products and / or services that fall under the jurisdiction and supervision of the Insurance Authority; To be innovative in terms of the technology used. To prove its benefit to insurance proposers (such as; promoting growth, efficiency, risk management, providing wider options, etc.) To have a need to be tested in the experimental environment. ماهي معايير الأهلية لدخول للبيئة التجريبية للتكنلوجيا المالية؟ يجب أن يستوفي المنتج أو الخدمة أو البرامج أو نموذج العمل التجاري (الابتكار) ما يلي أن يكون مرتبطًا بالمنتجات و/أو الخدمات التأمينية التي تقع تحت اختصاص ورقابة هيئة التأمين. أن تكون مبتكرةً من ناحية التكنولوجيا المستخدمة. أن يثبت فائدته لطالبي التأمينInsurance Proposers (مثل تعزيز النمو والكفاءة وإدارة المخاطر وتوفير خيارات أوسع، إلخ.) أن تكون هناك حاجة لاختبارها في البيئة التجريبية.2. يجب على مقدمي الطلبات إثبات ما يلي أن لديهم موارد مالية كافية أو دعم من جهة معتمدة للتعويض أن أي أضرار ممكن أن يتعرض العملاء خلال البيئة التجريبية. الجاهزية والاستعداد لاختبار الابتكار في البيئة الفعلية للسوق مع عملاء حقيقيين. الرغبة في إطلاق الابتكار إلى قاعدة العملاء كافة بعد اجتياز فترة الاختبار. لديه المعرفة والخبرة الفنية والتقنية والتجارية المناسبة ذات الصلة. يمتلك حسابًا مصرفيًا في دولة الإمارات العربية المتحدة، (في حال تطلب الأمر ذلك من الهيئة ووفقًا لطبيعة المنتج أو الخدمة أو البرامج التي يتم تجربتها). استيفائه لمعايير الكفاءة والملائمة المتعلقة بالنزاهة والأهلية المالية والأمانة. True

Contact US

​Before submitting an application, you may write to InsuTech-Sandbox@ia.gov.ae  to seek specific clarifications.

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