IRDAI proposes changes in insurance advertising regulations

IRDAI (Insurance Regulatory and Development Authority of India) has released an Exposure Draft on Insurance Advertising and Disclosure regulations.

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According to the draft, the evolutionary trends in advertisements in the last 20 years coupled with technological developments which have changed the medium of advertising thereby necessitating the review of existing Advertisements Regulations.

The following are some of the key changes proposed to the current Regulations:

• Modifying the definition of advertisements and rationalisation of certain other definitions.
• The term ‘Insurance Intermediary’ has been aligned with the provisions of the IRDA Act, 1999 as amended in 2015.
• Various types of Advertisements such as Institutional Advertisements, Invitation to inquire, Invitation to contract and Joint Sales Advertisements have been incorporated in the new regulations.
• Suitable provisions have been introduced for governing publication of Ranking and Awards by Insurance companies.
• Changes have been made keeping in mind the recent development in the technology, new and emerging medium or mode used for circulation of Insurance advertisements and option to unsubscribe.
• Scope of the term ‘Misleading Advertisement’ has been enlarged.
• Onus for enforcing compliance on advertisements endorsed by third parties has been cast on Insurance companies for compliance.
• Provisions have been incorporated to allow advertisements in different languages, without change in content from that of the base version, with the filing of a certificate.

The draft Insurance Regulatory and Development Authority of India (Advertisements and Disclosure) Regulations, 2020, is seeking comments from public and other stakeholders latest by November 10.

View the full draft here.

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