The Insurance Regulatory and Development Authority of India (IRDAI) has recently published the Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2021.
The object of this regulation is to ensure that the insurers, intermediaries or insurance intermediaries adopt fair, honest and transparent practices while issuing advertisements and avoid practices that tend to impair the confidence of the public.
These Regulations are applicable to all insurers, intermediaries and insurance intermediaries registered with the Authority except those engaged exclusively in reinsurance business. If an entity is engaged in both direct Insurance as well as reinsurance business, these regulations are applicable only in respect of direct Insurance business of such entities.
Every insurer, intermediary or insurance intermediary shall follow recognised standards of professional conduct as prescribed by the Advertisement Standards Council of India (ASCI) and discharge its functions in the interest of the policyholders.