Irda asks insurers to warn customers about fraud

The Insurance Regulatory and Development Authority (Irda) has asked life insurance companies to warn their customers against falling prey to fictitious calls and false offers.

The regulator has asked all insurers to highlight warning messages in their product advertisements on the same.

According to the notice, the messages should include the statement that Irda or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. Further, it would say that Irda does not announce any bonus. Also, it would have to state that the those receiving such phone calls “are requested to lodge a police complaint along with details of phone call and number”.

Insurers have been asked to include the above messages, along with voice-over of this content in clear terms with every advertisement/commercial issued in electronic media (TV/cinema halls, etc).  All ads/commercial issued from February 1, 2014, should contain this message.