Have better compliance in product ads: Irda tells life insurers
The Insurance Regulatory and Development Authority (Irda) has asked life insurance companies to exercise caution while advertising their products on the Internet and other platforms.
In a letter addressed to CEOs of life insurance companies, Irda said that they should not offer, as inducement, any award or reward points, discounts and rebates (directly or through a third party), except those approved by Irda as part of product features.
The regulator said a review of the advertisements, especially internet advertisements, reveals the necessity to improve the compliance with IRDA (Insurance Advertisements and Disclosures) Regulations, 2000 & Section 41 of Insurance Act, 1938.
In a letter addressed to CEOs of life insurance companies, Irda said that they should not offer, as inducement, any award or reward points, discounts and rebates (directly or through a third party), except those approved by Irda as part of product features.
The regulator said a review of the advertisements, especially internet advertisements, reveals the necessity to improve the compliance with IRDA (Insurance Advertisements and Disclosures) Regulations, 2000 & Section 41 of Insurance Act, 1938.