Indian regulator issues rules on insurance ads

Insurers are required to file a copy of an ad within seven days of release.

The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on insurance advertisements and disclosures to prevent practices that harm public trust.

Insurers are required to file a copy of each ad to IRDAI within seven days of release. They should also have an advertising register at their corporate office which must have a copy of every ad disseminated, and a notation attached to each ad. Copies should be kept for at least three years.

Insurers must also have a compliance officer who will supervise ads, and whose name and position shall be communicated to the regulator. They should have control over the content, form, and method of ad distribution.

They should also file a certificate of compliance stating that ads released during the preceding year have complied with regulations and the advertising code.

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