All the industries including the insurance industry have been influenced by the emerging information technology and its developments. Thus, in order to respond effectively to these rapid technological changes, the support of the regulatory and legislative authorities deems necessary. Accordingly, IRC has endeavored to prepare a report entitled “Analysis of the Insurance Industry Regulators’ Initiatives in Selected Countries with the Aim of Facilitating Innovation”. The report reviews the experiences and initiatives pursued by the insurance regulatory authorities in some countries that help facilitate innovative activities. The most significant measures undertaken in various countries of the world are launching regulatory sandboxes and innovation centers. Their definitions and functions along with the performance results of relevant experiences in selected countries are elaborately explored in the report.

The report also include other regulatory authority initiatives in some other countries such as founding innovation and technology taskforces, InsurTech centers, support desks, InsurTech facilitation team, and innovation centers.

According to this report, in Iran, there are both innovation centers and regulatory sandboxes. In order to establish an innovation center in Iran, some regulations are set out and its infrastructure is prepared by relevant authorities and there are enough experiences in this realm. However, if the foundation of an innovation center or regulatory sandbox is in the agenda of the insurance industry, the guidelines recommended by the international authorities can be helpful. Some of these guidelines include the principles of setting up innovation centers and sandboxes, general operational principles for innovation facilitation, operational principles for innovation centers, and operational principles for regulatory sandboxes.

If interested, please click here to obtain the full text of the report in Persian.