The Insurance Regulatory and Development Authority of India vide its notification dated 20th October 2020 has proposed certain key changes to the IRDA (Advertisements and Disclosure) Regulations, 2000 and has invited comments/suggestions on the draft Regulations which can be mailed to Mr.Gopakumar E.S, Deputy General Manager (Life) at es.gopakumar@irdai.gov.in with a copy to life@irdai.gov.in latest by 10th November 2020.
The following are some of the key changes proposed to the current Regulations:
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.
The proposed amendment brings in a modified definition to advertisements and rationalizes certain other definitions.
Suitable provisions have been introduced for governing publication of Ranking and Awards by Insurance companies and 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.
Further, 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.
