The Insurance Regulatory and Development Authority of India (IRDAI) has turned its attention to misleading insurance advertising, and has issued new rules governing insurers and intermediaries’ marketing activities.
The new regulations aim to ensure that insurance firms adopt “fair, honest and transparent practices”, according to a report by the Financial Express.
An advertisement is considered unfair or misleading if it makes claims beyond the policy’s ability to deliver, lists benefits that are different from the policy’s wording, and makes efforts to hide or downplay the risks inherent in the policy, the report said.
IRDAI will require each insurer and intermediary