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The Insurance Regulatory and Development Authority of India removes the requirement for life insurers to display a warning slide in television and cinema advertisements. This modification applies to sub-clause 15.2 of the Master Circular on Insurance Advertisements. Life insurers must still comply with all other provisions of the master circular. This includes the requirement to publish the public notice on their website homepages and in print media advertisements. The change takes effect immediately.
What you must do
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[Image omitted. See the official document.]
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
IRDA/LIFE/MISC/CIR/221/11/2016
November 4, 2016
To All Life Insurers
Re: Spurious Phone Calls and Fictitious/Fraudulent offers – Modification in Circular Provisions
Clause 15 (sub-clauses 15.1 and 15.2) of Master Circular on Insurance Advertisements, IRDAI/LIFE/CIR/MISC/147/08/2015, dated 13.08.2015 (VER-01) states as follows:
15.1 All Life Insurers shall flash on their Home Page of their websites, the following Public Notice issued by IRDAI cautioning general public about spurious calls and fictitious offers. This may also be inserted in a box item prominently at the end of all their product advertisements in print media including pamphlets, publicity material, etc. with a view to educate the customers on the role of Regulator and also caution the public on spurious calls.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRADULENT OFFERS IRDAI clarifies to public that
15.2 At the end of TV Advertisements/Cinema Hall Advertisements of Life Insurance, the slide placed at Annexure -I may be displayed continuously for a minimum period of 5 (five) seconds. (Hindi version in Annexure-II is also enclosed). True translation in other Indian Languages may also be used as per need with due certification.
In partial modification of the above Master Circular, the provisions of sub-clause 15.2 stands omitted with immediate effect. However, it is reiterated that there is no change in any other provisions of this circular, including sub-clause 15.1 and they have to be continued with.
[Image omitted. See the official document.]
(Nilesh Sathe) Member (Life)
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