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The IRDAI is proposing to tighten rules on insurance advertising by assigning higher responsibility on the senior management of insurers in designing and approving media campaigns for product promotion.
In an exposure draft that would amend 2021 regulations on insurance advertising, the IRDAI proposes that insurers be asked to form an advertisement committee with at least three members from the marketing, actuarial and compliance functions.
The advertisement committee will be required to report to the product management committee, the draft says.
The product management committee will be the final authority either to approve or reject the advertisements, after examining the recommendations of the advertisement committee.
“The product management committee and advertisement committee shall be accountable and fully responsible for releasing the approved advertisements,” the draft reads.
The product management committee should ensure that records of all the advertisements are maintained in accordance with the record retention policy of the insurer, or for at least three years from the date of withdrawal of the advertisement, and should be made available to the IRDAI as and when called for.
The draft also asks insurers to set up proper robust systems to upload advertisements on their website.
The insurance regulator says that insurance advertisements are considered to be an integral part of the product filing procedure.
The deadline for submitting feedback on the exposure draft is 25 May.
