IRDA warns IndiaFirst Life Insurance for unfair ad campaign
The insurance regulator has directed the private life insurer to adhere to the best practices and comply with the provisions of Advertisement Regulations, Guidelines and Circulars while releasing ads.
Banktech India News Network, 2/6/2012 11:36:35 PM
The Insurance Regulatory and Development Authority (IRDA) has
warned IndiaFirst Life Insurance Company Ltd. for violating its
advertisement norms and 'disparaging competitors' in its recent ad
campaigns.
In a strongly worded letter issued to P Nanda Gopal, Chief
Executive Officer, IndiaFirst Life Insurance Company, the insurance
regulator noted that one of the advertisement being run by the
insurer contains a reference regarding rejection of 'many of the
claims by other company on one pretext or other' which is in gross
violation of Regulation 2 (d) of IRDA (Insurance Advertisements and
Disclosures) Regulations, 2000.
The said advertisement also contains statements like 'lowest
operating expenses', 'the highest settlement of Group Claims' and
'Best Solvency Ratio' which are in violation of IRDA's norms.
Cautioning the private life insurer, IRDA directed it to adhere
to the best practices and comply with the provisions of
Advertisement Regulations, Guidelines and Circulars issued by the
authority while releasing insurance advertisements.
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