Sign In
chatbot-image

Home page

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

 

 

How to submit your application

 

 

​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 April 15, 2021.
    • The decision will be issued by the Insurance Authority by May 02, 2021.
  • Accepted companies will be invited during the first period to apply to the experimental environment on the first and second of July 2021 "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 2021
    • The decision will be issued by the Insurance Authority by October 30, 2021
  • Accepted companies will be invited to apply to the experimental environment on the first and second of November 2021 "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.
Browse
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
Browse
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.
Browse
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
Browse

Education material

 

 

Permitted insurance Technology

FAQs

 

 

Contact US

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

We use cookies to ensure to ensure that we give the best experience on our website. If you continue, we'll assume that you are happy to receive all cookies on the website