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IRDAI has asked insurance companies to set up an advertisement committee. The committee will report to product management committee which is responsible for maintaining record of all advertisement, ensuring that agents and intermediaries use approved advertisements and so on.
The committee will have at least three members from marketing, actuarial and compliance.
“The advertisement committee shall examine the advertisements and make suitable recommendations to the product management committee. product management committee shall be the final authority either to approve or reject the advertisements, after examining the recommendations of the advertisement committee,” said IRDAI.
IRDAI further said that insurance companies will have to upload all advertisement on their website in the chronological order within three days of releasing the approved advertisements.
