Irdai proposes to tighten norms for media campaigns by insurers
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New Delhi: Regulator Irdai is proposing to tighten norms for insurance advertisements by assigning higher responsibility on senior management of insurers in designing and approving media campaigns for product promotion.
In this context, the Insurance Regulatory and Development Authority of India (Irdai) has proposed an amendment in the 2021 regulations on insurance advertisements and disclosure. Under the proposed amendment, each insurer will be required to constitute an advertisement committee comprising at least three members mandatorily from marketing, actuarial and compliance functions of the insurer.
"The objective of the amendment is to assign higher responsibility on the senior management while designing and approving the advertisements for the consumption of the customers," said the exposure draft on which Irdai has invited comments from the stakeholders by May 25. The committee will be required to report to the product management committee, the draft said.
