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Life insurers must use only annual figures of death claims paid ratios based on the number of policies alone when publishing them in insurance advertisements. These figures must reflect the entire financial year and rely on the latest IRDAI Annual Report or latest annual audited final figures submitted to the Authority. Insurers must not club data for individual and group policies together. Group advertisements must reflect only group ratios and individual advertisements must reflect only individual ratios. Brand advertisements without product references must use only individual death claims paid ratios. The calculation method must follow statements 6 and 7 of the IRDAI Annual Report of 2015-16. Insurers must not use any other death claim payment information in advertisements.
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[Image omitted. See the official document.]
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA CIRCULAR
Ref: IRDAI/LIFE/CIR/MISC/215 /09/2017
September 15, 2017
The CEOs of all Life Insurers
Reg: Publishing of Death Claims data / Death Claims paid ratios in "Insurance Advertisements"
It has been observed that insurers are following different methods to arrive at Death Claims paid data (i.e. Death Claims paid ratios), while publishing them in "Insurance Advertisements" [as defined in IRDA (Insurance Advertisements and Disclosure) Regulation, 2000]. In order to have uniformity across the industry, instructions are hereby given to the life insurers to use/publish only "Annual Figures" of Death Claims paid ratios, based on the number of policies alone.
These figures shall reflect the entire financial year and shall be based upon:
If an Insurance Advertisement contains Death Claims paid ratio, then the data for individual and group polices shall not be clubbed together. The Insurance Advertisements for group products shall reflect only group Death Claims paid ratio and individual products shall reflect only individual Death Claims paid ratio. In case of advertisements' promoting the Company's brand without reference to products, only individual death claims paid ratio be used.
The method of calculation for arrival of Death Claims paid ratios for a financial year shall be as followed for reporting in statements 6 & 7 of IRDAI Annual Report of 2015-16.
Further, no other information related to death claim payments, other than what is specified above shall be used as part of any Insurance Advertisement/s.
The provisions of this circular come in to immediate effect.
[Image omitted. See the official document.] Chief General Manager (Life)
परिष्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत © : 91-040-2338 1100, फैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail: irda@irda.gov.in Web.: www.irda.gov.in
