IRDA has deferred putting of warning notices in advertisements informing the public that IRDA is not involved in the selling and marketing of insurance policies by a month to March 1, 2014.
However, the regulator has asked insurance companies to send SMS to policyholders advising them not to respond to fraudulent calls by any person posing as an IRDA employee. Also, they have been asked to put such a notice in their website.
In a circular, IRDA said, “Considering a representation from life insurance council and in order to provide sufficient time to insurers to prepare the voice over and reorient their campaign, it has been decided to extend the date of implementation of the contents of circulars, insofar as it relates to TV ads/commercials, from February 1, 2014 to March 1, 2014.”
IRDA has clarified that it would not give any further extension to insurers for implementation of warning notice in advertisements.
Earlier, in a bid to check fraudulent sales calls, IRDA had asked insurance companies to show a warning message in their advertisements from February 1, 2014. IRDA found that some fraudulent callers posing as IRDA employees were making phone calls to people to sell insurance policies.
IRDA clarified the format that all advertisements from the specified date will have to carry – a headline–‘Beware of Spurious Phone Calls and Fictitious/ Fraudulent Offers’ and message - IRDA or its officials do not involve in activities like sale of any kind of insurance of financial products nor investment of premiums. Also, IRDA does not announce any bonus. The electronic ad will include this slide with a voice over of this content in clear terms.’
IRDA has urged people to lodge an FIR with the police if they receive such spurious phone calls.