The Insurance Regulatory and Development Authority of India (IRDAI) on May 04, 2023, issued the exposure draft of Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2021 to further amend the Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2021.
The following amendments have been stated:
• In Regulation 4, sub-regulation 1, clause (iv), the wording “maintain a specimen of all advertisements for a minimum period of three years” shall be followed with the wording, “from the date of withdrawal”.
• In Regulation 4, sub-regulation 1, clause (v) stands omitted.
• In Regulation 7, sub-regulation 1, The wording shall be followed with “as per the guidelines issued from time to time.”
• In Regulation 11, sub-regulation (2) the wording " till the announcement of next edition of the award by the same entity." is substituted as “maximum 24 months, if the next edition of the award is not announced.”
• In Regulation 11, sub-regulation (3) the wording " Source of such rating or award including a year in which such rating or award is received shall be disclosed conspicuously and legibly in such advertisements" shall be followed by the wording, “Year of rating or award shall be restricted to last 2 Financial years”.
All the stakeholders are requested to submit their comments/suggestions, if any, on the proposed amendment in the regulations and draft circular in the given format on or before 5:00 PM on May 25, 2023 to [email protected]. The format for suggestions is attached to the document.
[Notification No. IRDAI/Life/Advt./REG/5/2023]
