IRDAI to Tighten Rules on Insurance Advertisements

• The Insurance Regulatory and Development Authority of India (IRDAI) is the statutory body responsible for regulating and developing the insurance industry. Recently, the regulatory authority proposed to tighten norms for insurance advertisements by assigning higher responsibility to the senior management of insurers in designing and approving media campaigns for product promotion.
• The Insurance Regulatory and Development Authority of India (IRDAI) has suggested making changes to the guidelines for insurance advertisements and disclosure that were introduced in 2021. Under the proposed amendment, each insurer will be required to constitute an advertisement committee comprising at least three members, to undertake marketing, actuarial, and compliance functions of the insurer. The objective of the amendment is to assign higher responsibility to the senior management while designing and approving the advertisements for the consumption of the customers

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Published date : 08 May 2023 05:19PM