IRDAI vide ref no. IRDAI/Life/Advt./REG/5/2023 dated May 04, 2023 has issued an Exposure Draft amending the provisions of IRDAI (Insurance Advertisement) Regulations, 2021 as IRDA (Insurance Advertisement and Disclosure) (First Amendment) Regulation 2021 .
The purpose of the amendment is to assign responsibility on senior management whilst designing and approving the advertisements for and on behalf of the Insurer and for consumption of the customers.
The Summary of the existing provisions of the Regulations and their Comparison with the corresponding provisions (proposed to be amended) are as under:
Gist
Regulation dated October 09, 2021
Regulation dated May 05, 2023
Clarification on
- Retention of only withdrawn advertisements.
- Starting point of such retention period
Regulation 4 sub-regulation (1) clause (iv)
Compliance and control
- maintain a specimen of all advertisements for a minimum period of three years.
Regulation 4 sub-regulation (1) clause (iv)
Compliance and Control
- maintain a specimen of all advertisements for a minimum period of three years from the date of withdrawal.
Filing requirement abolished
Regulation 4 sub-regulation (1) clause (v)
Compliance and control
File a copy of each advertisement with the Authority within 7 days of its release, together with information:
- an identifying number for the advertisement;
- the UIN number(s) of the policy(ies) or Products advertised in case of an insurance advertisement;
- a description of the advertisement and how it is used.
- the method or media used for dissemination of the advertisement
Regulation 4 sub-regulation (1) clause (v)
Compliance and control
Omitted.
Enablement of standing guideline by insurers to agents on advertisements by the Agent.
(Ambiguous expression)
Regulation 7 sub regulation (1)
Advertisements by Insurance Agents
Every advertisement by an insurance agent must be approved by the insurer in writing prior to its issue.
Regulation 7 sub regulation (1)
Advertisements by Insurance Agents
Every advertisement by an insurance agent must be approved by the insurer in writing prior to its issue a s per the guidelines issued from time to time.
Validity period of Awards for the purpose of advertisement.
Regulation 11 sub-regulation (2)
Rating or Ranking or Awards
Validity of award should be 12 months or till the announcement of next edition of award by the same entity.
Regulation 11 sub-regulation (2)
Rating or Ranking or Awards
Validity of award should be 12 months or maximum 24 months, if the next edition of award is not announced.
Year of rating or award being advertised shall be restricted to last 2 Financial years.
Regulation 11 sub-regulation (3)
Rating or Ranking or Awards
Source of such rating or award including year in which such rating or award is received shall be disclosed conspicuously and legibly in such advertisements.
Regulation 11 sub-regulation (3)
Rating or Ranking or Awards
Source of such rating or award including year in which such rating or award is received shall be disclosed conspicuously and legibly in such advertisements. Year of rating or award shall be restricted to last 2 Financial years.
The stakeholders have been asked to tender their comments/suggestions to the IRDAI in the format provided by May 25, 2023 before 5:00 pm through email at life@irdai.gov.in .
Source category: IRDAI
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