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Practice of Insurance

Session 16

Advertisement And Disclosure Regulations


Introduction to
Disclosure) Regulations, 2000

IRDA (Insurance Advertisements and

Advertisements by agents / intermediaries
Advertisements on the internet
Adherence to advertisement code
Statutory warning
Action in case of complaints

Introduction to
IRDA (Insurance Advertisements and Disclosure) Regulations, 2000
Framed in exercise of power
conferred by Sec 26 of IRDA Act.

Published in the Gazette of India

dt.14th July, 2000.

These regulations apply to all sorts

of insurance advertisements
including any direct/ indirect
communication related to a policy
and intended to result in the
eventual sale or solicitation of a
policy from the public.





on by

Any Other

Definitions under
IRDA (Insurance Advertisements and Disclosure) Regulations, 2000

Insurance Advertisement does not include:

Materials used by an insurer for the purpose of training of its own
employees or intermediaries
Any publication used for internal circulation and not used to induce the
public to purchase or retain a policy of insurance

For the purpose of these regulations, Insurance intermediary

includes insurance brokers, insurance consultants, surveyors
and loss assessors, or any other person representing or
assisting an insurer in one or more of the following :
Soliciting an insurance contract
Servicing an insurance policy or contract

that fails to clearly identify the product as

describes benefts that do not match the
policy provisions. Few examples:
omits to disclose or discloses insufciently,
important exclusions, limitations and
conditions of the contract
gives information in a misleading way
illustrates future benefts on assumptions
which are not realistic
makes unfair or incomplete comparisons
with products which are not comparable or
disparages competitors

Unfair or
ent means
and include

IRDA (Insurance Advertisements and Disclosure) Regulations, 2000

Definitions under

Illustration 1

Reliance Super Invest Assure Plan


For more details on risk factors,

terms and conditions please read
sales brochure carefully before
concluding a sale

Insurance is the subject matter of

the solicitation.

Reliance Life Insurance Company Limited

( Regd. No. 121 ) UIN for Reliance Super
Invest Assure Plan: 121L031V01 , Reliance
Major Surgical Beneft Rider: 121B011V01,
Reliance Critical Conditions (25) Rider:
121B010V01, Reliance Term Life Insurance
Beneft Rider: 121C009V01, Reliance
Accidental Death & Total & Permanent
Disablement Rider:121C002V01

sufciently about
the limitations
and conditions of
the contract as
well as the risk
Identifying the
product as
Number allotted
by IRDA for each
Customers may
check UIN before

Compliances under
IRDA (Insurance Advertisements and Disclosure) Regulations, 2000
Every insurer to have a compliance ofcer to oversee its advertising
Name and ofcial position to be communicated to IRDA
Maintenance of an advertising register at corporate ofce containing a
specimen of each advertisement issued
Specimen of each advertisement to be maintained for at least 3 years
Copy of each advertisement to be fled with IRDA along with method or
media used for dissemination
Certifcate of compliance to be fled with annual statement

By Agents / Intermediaries
Only properly licensed intermediaries may advertise or
solicit insurance through advertisements.
The advertisement must be approved by the insurer in
The insurer must be responsible to ensure that the
advertisements are not deceptive or misleading
Approval NOT required in case of advertisements
developed by the insurer and provided to the agents
Every advertisement shall state clearly that insurance is
the subject matter of the solicitation

Advertisements On The Internet

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Full registered name to

be disclosed
Every insurer /
intermediary to display
registration/ license
numbers on their web
Website must have
disclosure statements
ensuring the privacy of
personal information

Insurance is the subject

matter of solicitation

number : 512
Life Insurance Corporation
of India

Adherence to Advertisement
Insurer / intermediary to discharge its
functions in the interest of the
To follow recognized standards of
professional conduct as prescribed by the
Advertisement Standards Council of
India (ASCI) (a self regulatory voluntary
organization of the advertising industry)
Not to issue advertisement that may be
considered as False, Misleading, Indecent,
Illegal, leading to Unsafe practices or
Unfair competition

Statutory Warning
"No person shall allow or
offer to allow, either
directly or indirectly, as an
inducement to any person
to take out or renew or
continue an insurance in
respect of any kind of risk
relating to lives or property
in India, any rebate of the
whole or part of the
commission payable or any
rebate of the premium
shown on the policy, nor
shall any person taking out
or renewing or continuing
a policy accept any
rebate, except such rebate
as may be allowed in
accordance with the
published prospectus or

Action In Case Of Complaint