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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

Ref: IRDAI/Life/Advt./REG/5/2023 Date: 04/05/2023

Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2021

Exposure Draft

1. The Authority proposes to amend  the Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2021 in line with the principle based approach.

2. 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.

3. In this regard, the draft amendments and the draft circular proposed to be issued are placed for comments/suggestion.

4. 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 25th May, 2023 to life@irdai.gov.in

Format for suggestions is attached herewith.

Executive Director (Life)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

NOTIFICATION

Hyderabad, the 21st April, 2023

Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2023

F. No. IRDAI/Reg/3/——-/2023

In exercise of the powers conferred by clause (zd) of sub-section2 of section 114A of Insurance Act,1938, section 14(2)(e) and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2021

1. Short Title and commencement:

1.1 These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (Amendment) Regulations, 2023.

1.2 These Regulations may come into force on the date of their publication in the Official Gazette.

Objective:

2. The objective of these Regulations are to amend the Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2021

4. Unless the context otherwise requires –

a) 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”.

b) In Regulation 4, sub regulation 1, clause (v) stands omitted.

c) In Regulation 7, sub regulation 1, The wording shall be followed with “as per the guidelines issued from time to time.”

d) In Regulation 11, sub regulation (2) the wording ” till the announcement of next edition of award by the same entity.” substituted as “maximum 24 months, if the next edition of award is not announced.”

e) In Regulation 11, sub regulation (3) the wording ” Source of such rating or award including 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”.

DEBASISH PANDA, Chairperson

[ADVT.-////2023-24]

Cir.No. IRDSI/Life/CIR/ADVT/    /4/2023

Date:…….2023

Circular

To

All Life insurers, General insurers and Health insurers

Subject: Procedure for approving and maintaining Advertisements

Ref:  Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2021 dated __ .05.2023

This circular is being issued in exercise of the powers conferred by section 14(2)(e) of the Insurance Regulatory and Development Authority Act, 1999 and regulation 7(1) of IRDAI (Advertisement and Disclosure) Regulations,2021 to modify the existing procedure of filing of advertisements thereby enabling the Product Management Committee (PMC) responsible for the approval of advertisements. Insurance advertisements are considered to be the integral part of product filing procedure. The procedure for accepting the advertisements is currently based on the approved File and Use applications and compliance to IRDAI Advertisement Regulations/Circulars. The procedure is modified in view of the IRDAI (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2021 dated __ .04.2023:

1. Each insurer shall constitute an advertisement committee reporting to the Product Management Committee. The advertisement committee shall have at least three members mandatorily from Marketing, Actuarial and Compliance functions of the insurer.

2. All the insurance advertisements hereafter shall be submitted to the advertisement committee. The advertisement committee shall examine the advertisements and make suitable recommendations to the Product Management Committee.

3. Product Management Committee shall be the final authority either to approve or reject the advertisements, after examining the recommendations of the advertisement committee. Product Management Committee and advertisement committee shall be accountable and fully responsible for releasing the approved advertisements.

4. Product Management Committee shall ensure to maintain:

a. a register of all advertisements including the details of filings, approved, rejected and withdrawn.

b. a register of all advertisements approved, for the use of insurance agents and insurance intermediaries, including the details of filings, approved, rejected and withdrawn.

c. the records for all the advertisements, as per the record retention policy of the insurer or at least three years from the date of withdrawal of the advertisement and shall be made available to the Authority as and when called for.

5. The insurer shall upload the advertisement, on their website in the chronological order of URN within three days of releasing the approved advertisements. Insurers are advised to set up proper robust systems to upload advertisements on their website within three days of release.

6. The insurer has to set-up the system mentioned at clause 5 above and are requested to send a confirmation email to the Authority informing the compliance on or before one week of releasing of this Circular.

/Sd/-

Member (Life)

Comments on EXPOSURE DRAFT – IRDAI (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2021 and draft circular
Exp. Draft / Page No. Chapter Regulation no./ Para No. Suggestions Reasons
Draft Circular

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