IRDAI proposes regulations to curb misleading insurance ads
The body has invited comments from stakeholders on the exposure draft by November 10
IRDAI has proposed prohibiting insurers from issuing advertisements that make claims which are beyond reasonable expectations of performance, media reports have said.
The body has said that the unfair and misleading advertisements will include those which fail to clearly identify the product as insurance and describe benefits that do not match the policy provisions.
It has invited comments from stakeholders on the exposure draft by November 10.
The aim is to ensure insurers, intermediaries or insurance intermediaries adopt fair, honest and transparent practices while issuing ads.
The draft regulation says misleading advertisements will also include those which fail to disclose or disclose insufficiently important exclusions, limitations and conditions of the contract.
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