Draft Circular on Procedure for approving and maintaining Advertisements

In line with its principle-based approach, the IRDAI vide its notification bearing ref no: IRDAI/Life/Advt./REG/4/2023 dated Nol, 2023 has issued the following:

Draft Circular on Procedure for approving and maintaining Advertisements (Draft Circular)

The Draft Circular if notified, proposes to amend the IRDAI (Insurance Advertisements and Disclosure) Regulations, 2021 and cast higher responsibility on the senior management while designing and approving the advertisements for the consumption of the customers.

The major highlights of the Draft Regulations and Circular are as follows:

Draft Circular on Procedure for approving and maintaining Advertisements.

1. An Advertisement Committee consisting of at least three members mandatorily from Marketing, Actuarial and Compliance functions is proposed to be constituted:

· reporting to the Product Management Committee (PMC)

· examining and making suitable recommendations to the PMC on advertisements

2. PMC shall be the final authority either to approve or reject or withdraw the advertisements.

3. PMC and Advertisement Committee shall be accountable and fully responsible for releasing the approved advertisements.

4. PMC shall ensure to maintain:

· a register of all advertisements including the details of filings, approved, rejected and withdrawn

· a register of all advertisements approved, for the use of insurance agents and insurance intermediaries, including the details of filings, approved, rejected and withdrawn

· the records for all the advertisements, as per the record retention policy of the insurer or at least three years from the date of withdrawal of the advertisement and shall be made available to the Authority as and when called for

5. Insurer shall ensure the following:

· Setup a robust system for uploading the advertisement on its website in the chronological order of URN within three days of releasing the approved advertisements

· Confirm to the Authority on or before one week of releasing of this Circular with regard to compliance of the aforesaid system

Source category: IRDAI

Attachments

• /2023/196_Draft_Circular-Procedure_for_approving_and_maintaining_Advertisements.docx