Page 57 - Insurance Times September 2015 SAMPLE
P. 57
4 The onus vests with the insurer as to the compliance Where material is filed with the Authority in accordance
requirements of 'advertisement regulations' and the re- with the 'advertisement regulations', in other than English/
lated circulars/provisions issued from time to time, in Hindi language, true translation of the same in English/Hindi
such cases. duly certified by an Authorised officer of the insurer, is to
be enclosed.
Rating/Ranking/Awards:
Advertisements filed in accordance with Regulation 3(v) of
4 Any claim of rating/award should be based only on the 'Advertisement Regulations' including Joint Sale Adver-
those declared by entities which are independent of the tisements should be filed within 7 days of their release.
insurers and its affiliates. Insurers and its affiliates should
not however, procure services from such independent All Insurance Advertisements approved by Insures for their
entities so as to get a rating/award. Insurance Agents (Individual Agents and Corporate Agents)
in accordance with the provisions of Regulation (6) IRDA
4 Source of such rating/award is to be disclosed conspicu- (Insurance Advertisements) Regulations, 2000 and Clause 12
ously and legibly in such advertisements. of Guidelines on Licensing of Corporate Agents No. 017I/
IRDA/Circular/CA Guidelines/2005 dated 14th July, 2005
4 No claim of ranking by Insurer, as regards its position in shall also comply with all provisions of Advertisement Regu-
the insurance market, based on any criteria (like pre- lations and the provisions of this Master Circular and shall
mium income or number of policies or branches or claims form part of Advertisement register referred at Regulation
settlements etc.,) is permissible in any of the advertise- 3 (iii) of Insurance Advertisement Regulations. These Adver-
ments. tisements shall also be filed within 7 days as referred at
clause 10 above.
4 Mandatory disclosure as specified by 'advertisement
regulations' and applicable guidelines/Circulars as may In Unit linked business, advertisements issued by Life Insur-
be specified from time to time should be clear, conspicu- ers should also adhere to the advertisement norms pre-
ous and legible and should find at least 10% of the total scribed in IRDA (Linked Insurance Products) Regulations,
space utilized for the advertisement in print/visual mode 2013
with a minimum print equivalent to font 'Times New
Roman' No. 7. In case of audio mode, these disclosures 0% and 100% allocation charges under
should be spelt for at least 10% of the total time slot of ULIP Products
the advertisement.
1. Some companies have products with 0% or 100% (or
All the advertisements should carry a unique identifiable more) allocation charges under ULIP products. These
reference number as maintained in the advertising register two situations are special in nature and hence in either
in accordance with regulation 3 (v) (a) of the regulations. case additional information is required in the undertak-
ing to be given by the policyholder to avoid any
Use of taglines by registered insurers/li- confusion.
censed entities:
2. In the case of products having 0% allocation, the ben-
All licensed entities soliciting insurance business should men- efit illustration should carry a declaration in capital and
tion their identity and contact details. Any person who is bold letters. "I ALSO UNDERSTAND THAT NO PART OF
found to be guilty of misleading the prospect on any insur- MY FIRST YEAR PREMIUM WILL BE INVESTED IN UNIT
ance product will be viewed seriously. LINKED INVESTMENT FUNDS".
All the registered insurers and licensed intermediaries shall In the case of 100% allocation product
print the following text (font size should not be less than 9)
at the bottom of all their advertisements (both institutional a. The Company must not issue specific advertisements or
and insurance advertisements) and other publicity material sales literature or any other marketing material (print
including policy documents, premium receipts, renewal no- or electronic or any other form) positioning the prod-
tice, bill boards/display boards and logos released through uct as offering 100% (or more) allocation of premium in
print or electronic media: first policy year.
For Insurers .... IRDA Regn. No. __________ b. The benefit illustration should carry a declaration in capi-
IRDA License No. _________
For Intermediaries ...
The Insurance Times, September 2015 53
Copyright@ The Insurance Times. 09883398055 / 09883380339
