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1. Short Title and commencement: 1.1 These Regulations may be called the Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2021. 1.2 These Regulations shall come into force on the date of their publication in the Official Gazette. 2. Objective clause – The objective of these Regulations is to amend the Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations, 2019 to extend its validity for a period of 2 years. This is with a view to enabling the completion of experiment of the existing sandbox proposals and also to allow new sandbox proposals for experiment. 3. In sub regulation (3) of Regulation 1, for the words “2 years”, the words “4 years” shall be substituted.