IRDA prepares, rules will be strict for media campaigns of insurance companies
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ANI
In this connection, IRDA has proposed amendments to the Insurance Advertisement Disclosure Regulation, 2021. Under the proposed amendment, every insurance company will have to constitute an advertisement committee consisting of at least three members.
New Delhi. The Insurance Regulatory and Development Authority of India (IRDAI) is looking at tightening norms for media campaigns by insurance companies. Under this, it is proposed to give the senior management of these companies the responsibility of preparing and approving media campaigns for product promotion. In this connection, IRDA has proposed amendments to the Insurance Advertisement Disclosure Regulation, 2021. Under the proposed amendment, every insurance company will have to constitute an advertisement committee consisting of at least three members. These members will be related to marketing, actuarial and compliance functions.
IRDA said the objective of these amendments is to hold senior management accountable while preparing and approving advertisements for customers. IRDA has sought suggestions from stakeholders on this till May 25. The draft said that this committee would have to answer to the Product Management Committee. The Product Management Committee will examine the recommendations of the Advertising Committee and will have the final authority to approve or reject the advertisements.
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