Insurance Companies: Rules for media advertisements will be strict for insurance companies, committee will be responsible.
The Insurance Regulatory and Development Authority of India (IRDAI) is looking to tighten norms for media advertisements by insurance companies.
In the resolution, the regulator said, the senior management of insurance companies is responsible for preparing and approving media campaigns for product promotion. Suggestions have been sought from the stakeholders on this till May 25. Irdai has proposed amendments to the Insurance Advertisement Disclosure Regulation, 2021.
Under this, every insurance company will have to form an advertisement committee consisting of at least three members. These members will be from marketing, actuarial and compliance departments. Its purpose is to hold senior management accountable when preparing and approving advertisements for clients. This committee will report to the Product Management Committee. The Product Management Committee will examine the recommendations of the Advertisement Committee and will have the final authority to approve or reject the advertisements.
Committee will be in charge
The Product Management Committee and the Advertisement Committee shall be fully accountable and responsible for releasing the approved advertisements. Records of all advertisements should be maintained and made available for at least three years from the date of withdrawal of advertisements as per the record retention policy of the insurer.
Advertisement will be uploaded on the website in three days
Insurance companies have also been asked to put in place a robust system for uploading the advertisement on their website within three days of the issue of the advertisement.
The process of acceptance of advertisements is based on the currently approved ‘File and Use’ application and compliance with Irdai Advertisement Regulations and Circulars.
